America’s missing beef opens the door for plant-based burgers

From the article:

Soy-based burger maker Impossible Foods Inc. and pea-based meat imitator Beyond Meat Inc., meanwhile, have spread into grocery stores across the U.S. With meat shelves comparatively barren, shoppers are giving those plant-based burgers and bratwursts a shot, according to the companies and market data. Now is the chance for faux meat companies to hook these consumers and keep them coming back.

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Americans purchased 5.3 million units of fresh-meat alternative products from retailers in the eight weeks ended April 25 -- three times higher than the amount from a year earlier, according to data from analytics firm Nielsen.

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That’s still a fraction of the 1 billion units of fresh beef and 952 million units of fresh chicken that moved during the same period, according to the data. But the shortages could tilt the scales in the vegan alternatives’ favor.

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The big plant-based players are gearing up to take advantage of the situation. Earlier this week, Ethan Brown, chief executive officer of Beyond Meat, said the company would be discounting its products this summer to better compete with higher priced beef.

Beyond’s burgers sell for about $12 a pound. While beef prices are rising, that’s still more than double the $5.54 per pound that beef patties are currently sold for, according to data from the U.S. Department of Agriculture.

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On the same day, faux burger maker Impossible Foods said its products would hit the shelves of more than 1,700 Kroger stores. The announcement came shortly after the biggest grocery-store operator in the U.S. warned it was limiting purchases of some beef and pork products at certain stores.