|Beyond Meat to sell cheaper value packs of its meatless burgers|
Published Wed, Jun 17 20208:23 AM EDT
-- Beyond Meat will sell 10-packs of its meatless burgers.
-- The burger value packs narrow the price gap with traditional beef patties.
-- The coronavirus pandemic has pushed many consumers to buy meat alternatives, with sales soaring 168.5% in the week ended June 6, according to Nielsen data.
Beyond Meat’s Cookout Classic value pack
Beyond Meat announced Wednesday that it will sell value packs of its meatless burgers — just in time for summer barbecue season.
The 10-pack has a suggested retail price of $15.99, or $6.40 per pound, bringing it closer to the price of traditional beef. Beef patties were selling for $5.26 per pound this week, according to the U.S. Department of Agriculture’s report on advertised beef prices.
Beyond’s value packs will go on sale the week of June 22 at Walmart, Target and other select retailers across the U.S. But the new offering will only be available until mid-August, or until supplies last.
The coronavirus pandemic has pushed many consumers to buy meat alternatives. More consumers are cooking at home rather than eating at restaurants, and outbreaks have hit the meatpacking industry and hurt production. Sales of fresh meat alternatives soared 168.5% in the week ended June 6 compared to the year-ago period, according to Nielsen data.
Shares of Beyond, which has a market value of $9.46 billion, have doubled their value so far in 2020, as of Tuesday’s close. The stock was up about 3% in premarket trading Wednesday.