Amid struggling sales, Beyond Meat said it is changing its recipe for its plant-based Beyond Burger, which the company says will improve the product's taste and nutritional benefits.
Previously, Beyond Meat used expeller-pressed canola oil and refined coconut oil in its burgers. Now, the company will use avocado oil, which Beyond Meat says will slash saturated fat by 60%.
Beyond Meat also says that avocado oil has a higher smoke point, which will help the burger have a more meaty flavor. While the Beyond Burger has slightly more protein than 80% lean ground beef, the protein sources for the plant-based burger come from peas, brown rice, red lentils and faba beans.
This is the fourth iteration of the Beyond Burger, and its first new recipe for the burger in three years.
“Beyond IV represents a transformative step forward in delivering plant-based nutrition to the consumer in the form of meat," said Ethan Brown, Beyond Meat founder and CEO. "The development of the new products occurred within an ecosystem of leading medical and nutrition experts, and were designed to meet the standards of national health organizations to create a product that delivers the taste, satisfaction, and utility of 80/20 beef – yet is demonstrably healthier. Every ingredient in this fourth iteration was thoughtfully selected to bring the nutritional power of plants – from the heart-healthy monounsaturated fats in avocado oil, to the protein and fiber in peas, red lentils, faba beans and brown rice."
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In late 2023, Beyond Meat announced it was laying off nearly 19% of its workforce.
The company will release its annual investor report next week. According to the company, revenue for 2023 is expected to drop by about 20% compared to a year earlier. Beyond Meat said it had about $75 million in net revenue in the third quarter of 2023, which is down from $82.5 million from the same quarter in 2022 and $106 million in 2021.
