The world’s largest meat seller embraces plant-based proteins as pandemic demand surges by chloesorvino
Fears over meat supply shortages led to a new round of panic-buying in April and May that pushed big grocers like Costco, Kroger, and Texan chain H-E-B to limit customer’s meat purchases. For upstarts like Beyond and Impossible, it became the ultimate test: if these proteins couldn’t prove themselves with consumers at such a crucial time, when would they?
Planterra products are being stocked at a critical moment for plant-based foods, which have seen a rise in demand as— now abating — had escalated considerably. With meat sales declining, plant-based foods surged, with refrigerated alternatives like Beyond and Impossible up 241% during the peak of meat panic-buying and rising another 113% since the end of April, according to SPINS, a data company that tracks grocer sales.
“A lot of these hotspots are in meat processing facilities and consumers are understandably concerned,” says Jeff Crumpton, the manager of retail reporting at SPINS. “They are seeing all these cases, and have this other solution, this other product that maybe they really like. It feels like a safer alternative and it's something that they can get their hands on.”... [+]Meatpackers have been edging into the plant-based market for years.
The plant-based food makers have also been looking to expand their reach globally as the pandemic and African Swine Fever in China created more widespread interest in non-meat proteins. Beyond Meat announced in early June that its burger would launch at some KFC, Pizza Hut and Taco Bell locations in mainland China, while Cargill also expanded to the China market this month.
Beyond announced Wednesday that it would reduce prices with summertime value packs to entice more customers to try its quarter-pounders through grilling season. Beyond is still around $1 more expensive than ground beef, while Impossible’s is more than double the per pound price.
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