Beyond Meat Reports 'Strong' Q2 - Despite 'Misinformation' About Plant-Based Category

Beyond Meat Reports ‘Strong’ Q2 – Despite ‘Misinformation’ About Plant-Based Category

The plant-based meat brand has increased its prices and cut costs to increase margins

9th August 2024

3 Minutes Read

Beyond Meat recently published its financial results for the second quarter of 2024, exceeding its projected revenue for this part of the year.

The company also reported the best quarterly gross margin since the third quarter of 2021. This is despite what it called recent “misinformation” about Beyond Meat products – and the plant-based sector in general – and a post-boom decline in meat alternative sales.

“We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability,” said Beyond CEO and President Ethan Brown in a statement alongside the financial report.

Beyond Meat reported a gross profit of USD $13.7 million compared to the gross profit of $2.3 million in Q2 of 2023, despite an 8.8 percent decrease in net revenue to $93.2 million. To achieve such a result despite less-than-hospitable market conditions, the company has cut costs and raised prices to widen its profit margins. The company saw a 14 percent decrease in volume of products sold in Q2.

Beyond Meat emphasizes ‘clean’ ingredients

Photo shows a deep refrigerator full of Beyond Meat's plant-based alternative protein products — Adobe Stock While criticism of processed plant-based meat has been largely debunked, brands like Beyond Meat continue to emphasize minimal and nutrient-dense ingredients lists

Beyond Meat is taking steps to tackle falling sales of its products. It recently introduced an updated recipe across its entire range that emphasized nutrient density and “clean” ingredients. In part to counter what the brand calls misinformation and the “real or perceived quality or health issues” surrounding the plant-based meat category.

While criticism of plant-based meat for being ultra-processed has been questioned, brands are still reacting by pushing nutrient density and minimal ingredients. Juicy Marbles’ new vegan ribs are marketed as “clean-label,” and even ingredient manufacturers like Revyve describe their new products as “minimally processed” alternatives to e-numbers and artificial binders.

Just last month, Beyond Meat launched the Beyond Sun Sausage, which a spokesperson told Plant Based News was a direct response to public demand for “diverse and clean protein sources for various meals, occasions, and lifestyles.”