Report: Beyond Meat Projected to Reach $1 Billion in Revenue By 2023

A new report claims that Beyond Meat could reach $1 billion in total revenue by 2023. The Trefis Team research Beyond Meat’s impact on the market, following consumer trends, to evaluate how the plant-based protein company will fare in upcoming years. The team of experts consisting of MIT engineers and Wall Street analysts released the statement in a recent Forbes article, projecting that the plant-based pioneer will continue to grow at its rapid pace.

“The gradual lifting of lockdowns in recent months will help the restaurant segment register strong growth along with sales from retail chains,” the Forbes article reads. “Additionally, the company’s new partnerships will also drive impressive top-line growth.”

In the report, the plant-based company is projected to grow nearly 2.7 times by 2023. Over the next two years, the article says that despite the COVID-19 pandemics drawbacks the company will turn positive by 2022. The company also teamed up with McDonald’s and Yum! Brands this year to develop a series of fast-food burger and chicken options that will be released nationwide. The article attributes these partnerships with the company’s steady growth.

“The coronavirus pandemic put a halt to the company’s fast-growing revenues as shutting down of restaurants due to the lockdown significantly affected the company’s restaurant and foodservice business, which was the fast-growing segment for BYND until 2019,” the piece continues. “BYND revenues saw a rise of 36.6 percent y-o-y (year over year) in 2020, which was sharply lower than historical growth rates. However, this trend is expected to reverse in the short term and the company will once again get on its fast growth track and there are multiple trends that support this growth outlook.”

Beyond Meat’s plant-based burgers and grounds have experienced extremely positive consumer responses, debuting in fast-food chains Carl’s Jr. and Del Taco. The company has released its products at retailers across the United States and plans to continue its expansion to other fast-food businesses and national retailers. In 2019, Beyond’s first fast-food chicken debuted at a KFC in Atlanta. After significant success, KFC’s parent company Yum! Brands went on to solidify a partnership with Beyond for future plant-based development.

“Given the consumer response during recent tests with Beyond Meat,” Yum! Brands CFO Chris Turner said. “We’re excited about the long-term potential plant-based protein menu items to have to attract more customers to our brands, especially younger consumers. We expect this Beyond Meat partnership to strengthen our brands’ capability to offer delicious, plant-based menu items that are driven by consumer demands for more diverse protein options and our brands’ strategies in the local market.”

With the increasing demand for plant-based protein, Beyond Meat has said it will move to develop more plant-based alternatives. CEO Ethan Brown announced two years ago that “exciting things” were happening in Beyond’s poultry substitute sector. Not much has been said since, but Bloomberg claims that Beyond will begin releasing its plant-based chicken at retailers this summer.