The plant-based meat producer's shares have risen nearly 50% above the low of $101 in mid-May.
Beyond Meat is an up-and-coming plant-based meat manufacturer that is disrupting the meat industry. A switch to healthier living and diets has resulted in the company reporting blistering growth, with net revenue surging more than tenfold from $32.6 million in 2017 to $406.8 million in 2020. The company reported 11% year-over-year growth in net revenue to $80.6 million for its fiscal 2021 first quarter despite the decline in foodservice revenue due to COVID-19.
The business has been expanding its reach throughout 2021. It launched its second product expansion at Walmart by offering its Beyond Meatballs for sale across 2,100 stores. Beyond Meat also partnered with Pizza Hut to offer the pizza chain's first-ever plant-based meat topping, the Beyond Italian Sausage. By increasing its presence in popular restaurant and retail chains, the company can garner more customers and endear more people to its plant-based products.
Beyond Meat continues to introduce new products to titillate customers' palates. In early July, the company launched its new Beyond Chicken Tenders made from ingredients such as faba beans and peas. Boasting 40% less saturated fat than the typical chicken tender, this new product looks certain to be a big hit.
The company is also setting its sights on China, the world's largest meat market. It has launched an online store on the e-commerce website JD.com to spark interest in its plant-based products. The store will initially offer the company's products in major cities such as Beijing and Shanghai, after which they will be made available in 300 cities across the Middle Kingdom.