A pioneer in the plant-based meat space is distancing itself from the struggling category, at least in name.
Beyond Meat, known for its plant-based hamburgers, steaks, sausages and chicken, is changing its name to Beyond The Plant Protein Co. A spokesperson said the new moniker “better reflects” the company’s expanding portfolio, which recently added a sparkling protein drink line called Beyond Immerse.
Launched in January, the beverages feature plant protein, fiber, antioxidants and electrolytes. After a promising debut, the California-based company added four new flavors earlier this month. Additional products could be in the works, with the Associated Press reporting that Beyond plans to release a protein bar this summer.
The spokesperson said the new products provide Beyond with “room to grow beyond [the] center of the plate protein and meet a broader range of consumer protein needs over time.”
“We will bring our pioneering expertise in unlocking the power of plants to a variety of categories to meet today’s consumer needs, starting with a functional beverage line,” the spokesperson said. “As demand for protein rises and consumers place greater emphasis on fiber and overall nutritional quality, we are excited to extend our portfolio.”
The spokesperson added that Beyond “remains committed to category leadership in plant-based meat” and has no plans to diminish the company’s connection to the category. The company recently launched Beyond Ground, which has 27 grams of protein and is made with four ingredients — water, faba bean protein, potato protein and psyllium husk.
Once the darling of the plant-based food space, Beyond has seen a precipitous decline in sales as consumer consumption plunges. Economic uncertainty and concerns over the processed nature of the offerings have pushed shoppers toward cheaper animal options.
In Beyond’s most recent earnings report, net revenue for the third quarter declined to $70.2 million, down 13.3% from the same period a year ago. Its retail business was hit even harder, with net revenue down 18.4%.
