Beyond Meat Inc. (NASDAQ: BYND) is expanding its product assortment and geographic presence, enabling it to reach as many customers as possible. Recently, the company opened a new online store in China to strengthen its presence in this market.
Beyond Meat’s revenue increased more than tenfold between 2017 and 2020, from $32.6 million to $406.8 million. Furthermore, the company reported an 11% increase in revenue year over year in the first quarter of 2021, despite a decline in revenues from cooperation with catering establishments due to COVID-19.
Beyond Meat’s retail reach is also expanding as new products launch in retail chains. Beyond Meatballs are now available in more than 2,100 Walmart stores. Beyond Meat Inc. (BYND) has also partnered with Pizza Hut to create Beyond Italian Sausage, the first plant-based meat filling. In early July, the company introduced its new Beyond Chicken Tenders, which are made with beans and peas. The new product will probably have a higher sales rate because of its 40% lower saturated fat content.
A key part of Beyond Meat’s expansion is opening new points of sale in China, the world’s largest meat consumer market. An online store was recently launched by the company on e-commerce site JD.com to attract customers interested in its plant-based products. The company’s products will initially be available in large cities like Beijing and Shanghai, after which they will be available in 300 cities across the country.
China traditionally consumes a lot of meat products, but African swine fever and governmental restrictions on pork production have increased the cost of meat. Thus, Beyond Meat Inc. (BYND) can sell its more affordable meat substitute in this market.
Further, chicken meat is in high demand in the country, and Beyond Meat offers a product that is similar to chicken meat. Hence, the company is in the right position to increase sales in this vast market. Online shopping will contribute to this growth.
Beyond Meat Inc. (NASDAQ: BYND) traded at $125.52, with a gain of 0.46% on Monday. With the recent change in the price, the company’s market cap arrived at $8.18 billion.
