BEYOND MEAT INC. SWOT ANALYSIS
Strengths
- Nutritious ingredients — Beyond Meat produces plant-based substitutes. All their products are plant-based and contain no GMOs, gluten, soy, or kosher. Beyond Meat products are certified by the American Heart Association’s Heart-Check Program as heart-healthy food that meets the nutrition criteria. It is low in saturated and trans fats, along with low in cholesterol and sodium.
- Product innovation — The brand is recognized as the leading plant-based meat producer due to its popularity in being able to mimic the taste and texture of traditional meat. Their products range from pea-based protein burgers, steaks, sausages, meatballs, and chicken nuggets.
- Strategic Partnerships — Beyond Meat Inc. has partnered with several key food partners, including Mcdonald’s, Yum!, Taco Bell, Pizza Hut, KFC, Hardee’s, and more.
- Environmental Impact — The company has been open about its sustainability efforts and aims to leave a positive environmental impact on the world. Producing their products uses significantly less water, land, GHGE, and energy.
Weaknesses
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- High Pricing — Beyond Meat products tend to be more expensive compared to traditional meat-based products. The cost difference for consumers can be a weakness, especially for those who might not find it affordable.
- Rising health concern — Since rising to popularity, many consumers have questioned the credibility of ‘plant-based meats being healthier.’ A few Beyond Meat products contain more sodium than the average single beef patty, which questions if their products actually support heart health.
- Production capacity — Due to the growing demand for Beyond Meat products, the company has had to expand its production facilities. Over the years they have tripled their manufacturing facilities from 30,000 to 100,000 sq ft. However, due to their product’s growing demand, there have been challenges within their supply chain yielding to the demand for their products.
Opportunities
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- R&D (Research and Development) — Beyond Meat continues to improve and innovate its products. They are actively developing more products within their line to further expand their product portfolio. As of 2023, they are in the process of developing a plant-based chicken nugget to create an alternative to the McDonald’s chicken nugget.
- Global Expansion — Since being founded in 2009, the company has expanded its market in over 190,000 grocery stores and 80 countries. However, if they continue to expand their operations and broaden their product range, they can infiltrate more global markets ultimately bringing in more revenue for the company.
- Sustainability initiatives — Producing Beyond Meat requires 99% less water, 93% less land, 90% fewer greenhouse gas emissions, and 50% less energy. The company aims to minimize its environmental footprint to promote a healthier planet. The brand openly speaks about its production process and initiatives they’ve recently implemented to follow eco-friendly measures.
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Threats
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- Competitive Market — Beyond Meat’s top competitors in the plant-based meat industry are Impossible Foods, Gradein, Hormel Foods, Perfect Day, and Next Level Burger. Due to these brands having similar product offerings, target markets, and branding strategies the brand must continuously improve and innovate its products to stay on top of the competition.
- Regulatory environment — Beyond Meat can face challenges with sustainability regulations, along with food safety standards, allergen labeling, and labeling regulations. To stay on top of the regulatory environment, the brand must be able to navigate these regulations with full transparency to avoid regulatory violations.
- Health and nutrition claims — Several consumers have challenged the brand for its claims it’s made on health and nutrition. I propose the brand should provide more transparency around product documentation, scientific evidence, and consulting with food science experts within the industry to build more credibility.