Beyond Meat, a company known for its non-GMO vegan-friendly imitation meat products - including the Beyond Burger, a burger that claims to be the most meat-like offering on the market - filed for an IPO on Friday, Nov. 16, 2018.
The California startup, which has previously drawn investments from Silicon Valley notables like Bill Gates and Twitter
As for its IPO plans, the company intends to continue to expand. "Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing, and marketing initiatives," the company said. The company has already expanded rapidly, purchasing a massive facility where it intends to experiment with making alternatives to every cut of meat, including difficult-to-imitate steaks.
Beyond Meat has capitalized on changing consumer tastes. Millennials and other health-conscious consumers are decreasing their red meat consumption. Meanwhile, the percentage of the global population that identifies as vegetarian or vegan continues to rise. The demand for meat alternatives is only expected to grow over the next five years, increasing from its current level of $4.6 billion to $6.4 billion. The US meat alternative industry alone saw sales climb 24% in the past year, according to the Plant Based Foods Association. The Beyond Burger has proven especially popular. It's sold at major grocery chain like Kroger