The coronavirus pandemic has disrupted the U.S. meat supply chain, but it may also provide a big growth opportunity for plant-based meat companies like Beyond Meat and Impossible Foods.
Tyson Foods, one of the largest U.S. meat processors,that it’s had to idle several plants the past several weeks to do deep clean while other plants aren’t back to running at full capacity because of worker shortage. The maker of Jimmy Dean sausages said it’s seen “strong demand and ample supply of cattle, but reduced industry processing capacity” because of the pandemic.
In the U.S., Beyond products are already carried at restaurant chains including Dunkin’ Brands and Carl’s Jr. As to fast food giant McDonald’s, Brown hinted at the possibility of Beyond Meat potentially even becoming a formal thing at the Golden Arches after it recently ended a four-month test run with McDonald’s Canada.
The company said its cost per pound hit its lowest last quarter, which will help it to narrow the price gap—a consumer purchase deterrent— its products have with animal protein. The goal is to achieve “price parity” by 2024.
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