Beyond Meat to unveil new steak alternative as health initiative.

To revive its sales, the company’s marketing has focused on the health benefits associated with eating plant-based diets through partnerships with organizations like the American Cancer Society and influencer deals with college athletes. Consumers at Beyond have long appreciated Beyond’s focus on health; in recent months however, more emphasis was put on climate change as part of its value proposition. CEO Justin Brown blames some of the industry’s woes on misinformation from meat industries and cattle farmers about plant-based meat processing, with widespread doubt surrounding this form of protein consumption. Beyond already offers plant-based steak tips but their new filet product uses mycelial mycelia roots instead – creating the same texture of filet meat without meat-eating restrictions! Brown sees steak alternatives as an economical and healthier solution to chicken for topping salads or stuffing burritos as sources of protein. Focusing on using only minimal ingredients with high protein levels and minimal levels of saturated fat content has been the aim. Beyond Burger and Beyond Chicken will also soon have new versions made specifically to grocery store standards. Beyond’s new products include short ingredient lists in an effort to attract customers who previously believed plant-based meat was too processed, though details about when or if its latest steak or chicken options will launch remain vague. Losing diners and investorsNeither Beyond nor its investors seem optimistic about its long-term viability; its market cap once stood at $14 billion due to increased investment into plant-based meat, yet today has shrunk below $400 million, reflecting investors’ worries over business health as sales stagnate across its industry. Beyond has seen its stock value decline dramatically since becoming public five years ago; sales for its second quarter fell 8.8% year-on-year to $93.2 million and 37% year-over-year (compared with its second quarter 2021 ). After initial public offerings (IPO), Beyond saw its stock skyrocket as more consumers purchased plant-based meat at grocery stores and fast-food restaurants such as Dunkin’. Covid-19 pandemic led to further sales gains as lockdowns encouraged more at-home cooking; but its effect did not last. Beyond’s partnership agreements with major restaurant chains such as McDonald’s and Yum Brands did not lead to permanent menu items in America, though Beyond has more success selling Beyond products through European markets than they had here. PepsiCo and T&N entered into a joint venture, leading to the production of one product–now discontinued jerky–which led to heavy margin erosion for several quarters before becoming unavailable altogether. Simultaneously, however, overall category performance began declining rapidly. Consumers quickly lost interest in trying plant-based meat alternatives, often complaining of its flavor or processing issues. Sales of plant-based foods including milk, meat, egg and butter alternatives rose just one percent annually according to data provided by the Plant Based Foods Association last year. Milk alternatives account for roughly one quarter of retail sales in this category, followed by plant-based meat. But as consumer tastes changed and investors lost interest, Kellogg considered spinning off or selling its plant-based business under an alternative three-part split plan, but ultimately decided it should remain part of Kellanova – its snacking spinoff which Mars is purchasing as part of Kellanova. Impossible Foods has been widely reported to be contemplating an initial public offering (IPO) since 2021; its CEO stated earlier this year, however, that an IPO or sale may happen anytime from three months up until two or three years from now if necessary. But Brown confirmed to CNBC earlier this year that Beyond has no plans of going public or selling itself anytime in the near future; rather it plans on staying independent. Don’t miss these insights from CNBC PRO!