Demand for plant-based meat alternatives soars amid coronavirus

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Beyond Meat and Impossible Foods, makers of plant-based meat alternatives, have seen surges in sales due to a shortage of beef and pork during the coronavirus pandemic.

Beyond Meat reported its first quarter net revenues increased 141 percent from the previous year to more than $97 million, compared to more than $40 million in first quarter in 2019.

“During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement,” Beyond Meat President Ethan Brown said in a statement.

The company’s shares have increased 85 percent since March 18 and retailers are requesting expedited deliveries of its product, Market Watch reported.

Impossible Foods, a private company that produces the Impossible Burger, is adding its product to 777 retail locations in California, Nevada and the Chicago area. Its debut in these new stores will mark a 500 percent increase in grocery stores selling the Impossible Burger, and the product will be in 1,000 grocery stores “soon,” the company announced in April. – READ MORE

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