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Earnings Call: Beyond Meat’s Adoption is Slow to Start

Beyond Meat is another one of these buzz-y, plant-based options you may have tried or at least heard of. After Beyond Meat went public in May (BYND), trading of the stock has been good, but lagging in the market at large. The company is expected to release its earnings on July 29, and investors will, of course, be hoping for good things from BYND.

The last time CivicScience studied Beyond Meat in Q2 of this year, about 5% of the US general population had tried its burger, while 9% had plans to.

Since then, adoption and intent have grown only slightly (6% have tried and liked it, 10% now have plans to try to). But what has grown exponentially is awareness — going from 58% having never heard of it last quarter to 49% today. But it seems most who recently heard about it have no interest.

Adoption of the Impossible Burger Still Outpaces Beyond Meat — But

We see similar growth for the Impossible Burger from Q2 to Q3. Awareness is up hugely but those who aren’t interested in trying it rose similarly to disinterest in Beyond Meat. Those who have tried and like Impossible Burger went from 3% to 5% and those with plans to 10% to 12%, beating Beyond slightly in terms of growth but still looking similar in terms of overall population adoption.

A Passion for Health and Fitness

Recent articles have popped up questioning these meatless options: are they actually healthy?

Is health why people want to try them?

One indicator could be exercise. We see a correlation between frequent exercise and adoption of Beyond Meat. Those who exercise the most are much more likely to have tried or have plans to try the Beyond Meat burger.

It’s clear that maintaining a healthy lifestyle is one reason why people want to switch up their meals and go meatless. And the below chart shows people who consider health and fitness as a passion are the most interested in Beyond Meat.

Bring on the Bacon

Beyond Meat is hoping to expand its reach by growing its product line. Plant-based bacon is currently being developed by the brand and the interest is small but mighty. Twenty-seven percent of respondents have interest in trying it.

It’s clear that Beyond Meat has a lot of interest out there, but just how much will that grow? We predict that the addition of new products will help get those on the fence about meatless meat to cross over, but otherwise growth, in terms of adoption, is pretty slow to start.

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