As more people around the world chow down on delicious plant-based burgers and sausages, Beyond Meat has announced that its second-quarter revenue leaped to $113 million—an impressive 69 percent increase! The sales have far exceeded Wall Street’s forecast of $99 million.
According to Ethan Brown, Beyond Meat’s founder, president, and CEO, by June of this year, 4.9 percent of U.S. households had tried Beyond Meat products—up from 3.5 percent in January. Even more impressive, half these households bought the tasty vegan meats again.
These results are even more significant in light of the COVID-19 pandemic. Beyond Meat generally sells half its output in restaurants and foodservice outlets, many of which have been forced to close or dramatically change the way they operate. In response, Beyond Meat repackaged burgers and sausages prepared for foodservice and sent them to grocery stores for direct purchase. The company even launched a 10-burger value pack at select stores, including Walmart and Target. Thanks to this quick action, Beyond Meat’s U.S. retail sales nearly doubled last quarter, despite a 61 percent drop in foodservice sales.