Beyond Meat is now experimenting with plant-based steak.
The new product is meant to imitate a high-end cut of beef and arrives at a time when interest in the plant-based sector seems to be declining.
Beyond Steak was launched by the company in more than 5,000 Kroger (WMT), and Walmart (WMT), locations across the country on Monday. You can also find it at Albertsons and other retailers.
The 10-ounce box contains seared plant-based steak tips in bite-sized pieces and is $7.99. According to a spokesperson, the product contains wheat gluten and fava beans.
Dariush Ajami (chief innovation officer at Beyond Meat), said that Beyond Steak was a highly anticipated addition to our popular beef platform. He released a statement Monday announcing the launch of the new product. The product “delivers the texture and taste of sliced steak.”
In recent years, plant-based meats have grown in popularity and sales increased during the pandemic. Recently, however, interest has declined.
“Sales are slowing due to the market’s pandemic-driven growth in 2020 because the initial trial of [plant based meat alternatives] hasn’t translated into sustained category engagement,” Caleb Bryant (associate director of food and drinks reports at Mintel), said in a recent study.
He said that as grocery prices rise, consumers might be more inclined to eat plant-based protein like legumes.
Beyond Meat (BYND) has had a difficult time.
Ethan Brown, CEO of Ethan Brown, stated that “we… recognize the fact that progress for us as well as for the sector is taking more time than we expected” during an August analyst conference discussing second-quarter results. But, Ethan Brown stated that “we have a clear vision of our vast long-term opportunities.”
The company announced earlier this month that Doug Ramsey, its former COO, was leaving the company. Ramsey was suspended by the company in September for allegedly biting a man during an Arkansas football match.
Brown stated that the company plans to layoff 200 employees, or 19%, to “drive more sustainable growth.”
The share price of the company has fallen from $65 at the beginning of the year down to $12 today. Net sales decreased 1.6% year-over-year to $147 million in the second quarter.