Beyond Meat Inc (NASDAQ: BYND) saw its shares pop 5.3% as the company announced it was launching a new e-commerce website to tap into the growing online grocery trend.
Already working to supply its plant-based products to retail giants such as Walmart, Target Inc (NYSE: TGT) and Costco Wholesale Inc (NYSE: COST), Beyond Meat is now looking to meet consumers online.
The company has a relatively short history as a listed company, having risen over 10-fold in the space of a few months following its red-hot IPO in May of last year.
However, the company’s share price still sits at about 45% off the high reached in July 2019. One reason has been the increasing competition from unlisted plants-based foods competitor Impossible Foods.
Impossible has been inking distribution partnerships at a furious pace. At this point in time, I’m not so sure if it’s clear whether plant-based foods will become just another “commoditised product”.
Massive meat producers such as Tyson Foods and Hormel are themselves developing plant-based meat alternatives.
In future, will it really matter whether we order a plant-based meat patty from Impossible, Beyond Meat or, say, a Tyson Foods? I’m not so sure.