Since its IPO in early May, Beyond Meat (NASDAQ:BYND) has skyrocketed more than 730%. For investors who bought shares at $25 apiece, their investment has more than paid off; shares now trade at approximately $209.63 USD on the NASDAQ.
And they don’t look to be coming down any time soon.
Beyond Meat Stock
Shares of the ‘vegan meat’ producer are now roughly eight times higher in value, showing the demand and growing market for meat substitutes. In fact, the global market for meat alternatives is estimated to reach $18.7 billion in sales by 2023, according to Euromonitor.
The company has been so successful that many big-name restaurants have begun to add plant-based meat to their menus. The idea, of course, is to attract a whole new market of customers who want healthier, animal-friendly foods. So far, those that have partnered with Beyond Meat have seen an increase in sales and an overall boost in those “companies’ market values.”
For example, yesterday, Dunkin’ Brands (NASDAQ:DNKN) announced its new Beyond Meat Sausage breakfast sandwich. It’s market value initially jumped roughly $200 million to $6.8 billion as shares rose 1.5% in morning trading.
Meal-kit provider Blue Apron (NYSE:APRN) also saw a dramatic boost to its market value when, last week, it announced the addition of Beyond’s plant-based burgers to its meal kits. On the news, shares traded up a whopping 35%, raising its market value from $99.6 million to $134.7 million.
It seems investor enthusiasm is extending to those partnering with Beyond Meats; such is the demand for its ‘meatless meat.’
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Bringing Home the Bacon
Now, according to a Bloomberg report, the company is developing a plant-based version of bacon. The company has been coy on the details, but what we do know is that “its bacon product is improving as it moves through development but doesn’t yet have a launch date.”
Considering the success of its beef and sausage range, bacon is the next logical step in the chain for this company. The potential is big: according to Dataessential, bacon was found on 68% of fast-food menus in 2018.
What are your thoughts? Did you think Beyond Meat would be so popular?
Featured Image: DepositPhotos © igordutina
