Being the second market they started pushing their retail offering, it has had far more time to develop and benefit from the American marketing.ĬOVID-19 has impacted us all different, and seeing how companies have reacted is telling of managements style and positioning. Now that Canada is included as international, that would skew the retail figures. Outside of the US, the biggest push is through foodservice companies. At home, there is a big focus on selling to customers to enjoy at home, with some partnership tests e.g. With these two pieces of information, we can already tell Beyond's distribution and geographic positioning. The business who brought the burger from Beyond Meat would show up under the foodservice distribution channel. going to a bar and ordering a Beyond Burger with chips. The key difference is you are buying the branded product packaged up to prepare at home.įoodservice means whenever you sell the product to a business who will prepare the product or alter it in some way before selling that onto the end customer. Retail simply covers direct to end consumer sales, as well as supermarkets. The other dimension of the business is how they distribute the products. However, the partner tests in the Asian markets have shown high demand either because of novelty or genuine customer desire to have an impact, whatever the reason, they will be entering Asia with a strong brand. The CFO is extremely bullish about the Asian market, while there was a meat shortage scare in Asia that caused a brief rally for Beyond, this was speculation. If you have ever looked at Beyond's financials and these numbers seem wrong, they have recently reclassified international to include Canada, before this was considered part of the US (not sure how the Canadians felt about that.) The big figure to keep a close eye on is the international one. The rest is simply classified as international.
With a strong home base, almost three-quarters of revenue comes from the US. The business is split into four areas, first by Geography. I'm going to list all the planet-based alternatives as we are here as investors, the important bit to understand is how they separate their business lines and revenue streams. While Beyond has their production facilities, they also co-manufacturer with other firms, this is how they have expanded into Canada and the Netherlands. While at the same time aiming for the nutritional and environmental benefits of plant-based meat products. In the fake-meat market, there are several blockers to converting traditional meat-eating customers, taste, texture and other sensory attributes. There are a few players in this space, but Beyond has taken the approach of building meat directly from plants. They are one of the fastest-growing food companies in the US, offering a portfolio of plant-based meats. What makes Beyond tick, and are they set up for the future?
Now that the first wave of hype has died down around Beyond Meat, we can take a step back and look at the fundamentals in a bit more detail.
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