Since introducing the first iteration of the Beyond Burger in 2016, the patties are now carried in more than 28,000 retail locations across the United States. Pre-pandemic, restaurants and cafeterias accounted for about half of Beyond's total sales, but the crisis has shifted that balance sharply in favor of grocery and convenience stores. Retail sales rose 76% to $62.1 million during the company's fourth quarter.
Consumers will be able to buy the Beyond Burger 3.0 in grocery stores and by June, the product will hit restaurants.
Chuck Muth, the company's chief growth officer, said that improving its meat alternatives helps the company hold onto its market share, even as more competitors like Tyson Foods and Kellogg offer meatless burgers.
"As one of the first movers in the category, we do have a prominent position," Muth said. "We're only going to stay there if we continue to innovate, and we will always stay focused on our innovation and improving our products."
Ultimately, Beyond sees traditional meat producers as its real competition. Improving the taste of its Beyond Burger helps win customers. Moreover, the meat substitute boasts 35% less total fat, no cholesterol and fewer calories than a burger made from 80/20 beef.
Beyond's strategy to encourage meat-lovers to switch to its products includes achieving price parity with beef by 2024. The company will sell the new version of its burgers in its first value four-pack, with a suggested retail price of $9.99. The average advertised price for a pound of beef patties, which makes about four burgers, was $2.93 for this week, according to U.S. Department of Agriculture data. Rival Impossible Foods has also been slashing prices.
The Beyond Burgers will also be available in a two-pack and a 1-pound Beyond Beef pack.
Shares of Beyond have risen 21% over the last 12 months, giving the company a market value of $8.33 billion.