Beyond Meat has announced intentions to release a plant-based steak product.
CEO Ethan Brown confirmed the news, telling The Wall Street Journal it is “probably one of our best products to date.”
The new Beyond Meat steak is an attempt to reverse the company’s fortunes after months of shares depreciation and litigious lawsuits.
Full details will be released in time. Ingredients, manufacturing methodologies, projected pricing, and deadline for launch all remain a closely-guarded secret. It is not yet known if the company’s new chief taste consultant, Kim Kardashian, has contributed to the development.
What do we know about the upcoming Beyond Meat steak debut?
The steak analog will be the company’s first move into the coveted whole-cut product sphere. To date, it has stuck to minced and ground products, including burgers, sausages, and meatballs.
Retail channels are to get the sliced steak product first. Restaurant partnerships will follow.
Beyond Meat pins its hopes on new product launches
In an earnings call in February, Brown admitted that the company is not performing as well as it has. He attributed this to increased competition in the market but vowed to fight back. He referred to an increased presence in China as providing a much-needed boost to the sagging profits while drawing attention to plans for numerous new product lines.
Working with PepsiCo, Beyond has launched a jerky line. This offered a glimpse into a potential new direction for the company, away from ground analogs.
It has also sought to expand its restaurant partnerships. Mcdonald’s, Panda Express, and Pizza Hut are all looking to further cement their partnerships with the alt-meat giant through extended availability of products and new menu items.