Meat industry competitor Beyond Meat has filed for a $100 million IPO. The California plant-protein company produces vegan alternatives for meats, including its Hot Italian Sausage, Lightly Seasoned Chicken Strips, and flagship product, the Beyond Burger. The company, filed under Nasdaq symbol BYND, reported a 167% net revenue increase from the first three quarters of 2017 to the same period in 2018. This, according to MarketsandMarkets research, among a $4.6 billion meat substitute market in 2018 and a projected $6.4 billion market by 2023.
2018 saw the rise of vegetarianism and veganism in the public eye, and businesses took notice. This IPO filing from Beyond Meat, coupled with companies like WeWork going meat-free, signals a market shift. Will this momentum continue in 2019, or will interest in meat alternatives wane? What would it take for half of the world’s population to consume plant-based protein? And what further impacts would we see as a result?