Plant-based meat alternatives are gaining traction among consumers and are growing into a formidable challenger to the meat industry as a result.
As more consumers turn to meat alternatives to maintain healthier diets and reduce their impact on the environment, companies that produce plant-based meat alternatives are reaping the benefits, Beyond Meat among them. When the company made its public market debut on Thursday, its shares soared 135%, raising its market value to $3.52 billion.
“We’re just looking forward to building the business, and I think the reaction from the market is a reflection of the fact that we’re highly focused on collapsing the gap between our products and animal protein,” Beyond Meat CEO Ethan Brown told CNBC.
Brown said that as his company grows, it isn’t focused on the competitors in the marketplace like Impossible Foods, a company that has recently struggled to keep up with demand for its product; rather, Beyond Meat has its sights set squarely on cutting into the market share of the $1.4 trillion global meat industry.
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Image source: Beyond Meat.