Beyond Meat is revamping its signature plant-based burger, hoping healthier ingredients will boost sales in the struggling U.S.
The El Segundo, Calif.-based company announced Wednesday that its new Beyond Burger patty and Beyond Beef Meal have 60 percent less saturated fat by switching from canola and coconut oil to avocado oil. New beef products contain less sodium and more protein.
The new products will go on sale in the U.S. this spring.
Beyond Meat has updated its products before. This is the fourth generation of Beyond Burger. But Ethan Brown, Beyond Meat’s founder and CEO, said this is the biggest advancement the brand has made since Beyond Burger was launched in 2016.
Brown said the company spent years developing new recipes with input from nutritionists and doctors, seeking to provide the benefits of a plant-based diet in burgers that mimic the taste and texture of animal meat. That’s what it means.
“Health is one of the biggest drivers of the plant-based meat category, and we feel a deep responsibility to meet that expectation of consumers,” Brown told The Associated Press.
Beyond Meat is also under pressure: US sales begin to decline. The company’s U.S. sales fell 34% in the first nine months of 2023 due to weak consumer demand. In November, the company announced it was cutting 19% of its workforce, cutting some products, such as jerky, and considering scaling back operations in China.
Beyond Meat sells hamburgers and nuggets at McDonald’s in Europe, and sales are growing. In the first nine months of last year, the company’s overseas revenue increased by 17%. However, it was not enough to offset the US losses. McDonald’s tested Beyond Meat burgers in the U.S., but didn’t make them a permanent menu item.
Inflation is one reason U.S. buyers have turned to cheaper protein sources in recent years. But consumer skepticism about the healthfulness of plant-based meats (driven in part by meat industry advertising) is also a persistent problem. For example, the upcoming Beyond Burger contains 25% of the recommended daily intake of saturated fat and 17% of the recommended daily intake of sodium.
The new Beyond Burger significantly improves its health profile. It contains 2 grams of saturated fat, or 10% of your daily recommended intake, and 14% of your recommended daily intake of sodium. One patty has 230 calories, the same as a regular hamburger.
For comparison, a Kroger brand 80/20 beef patty is low in sodium, but has 9 grams of saturated fat (45% of the recommended intake) and 290 calories. The new Beyond Burger has less saturated fat and sodium than its main plant-based rival, Impossible Foods’ Impossible Burger.
Beyond Meat, which has always used pea protein in the production of its burgers, has added lentils, rice and fava beans to its new burgers to improve texture and increase protein. The 80/20 Beef Patty and Impossible Burger both have 19 grams of protein, while the burger contains 21 grams of protein.
Beyond Meat stock closed 2% higher at $7.33 on Wednesday. The company will announce its full-year 2023 financial results on February 27th.
