Beyond Meat's revenue forecast is out and it ain't looking too tasty.
👉 Background: Beyond Meat is the LA born meat substitute that’s famous for its hyper-realistic, meat-looking, meat-bleeding burger patties. Since being founded in 2009, Beyond has expanded to around 80 countries worldwide.
👉 What happened: Now, Beyond Meat’s revenue forecast is out and it ain’t looking too tasty. The company downgraded its revenue forecast from the expected US$149 million.
👉 What else: Beyond reckons the rising interest rates, inflation and the threat of a recession (aka the triple threat) have caused customers to lose their appetite for its more expensive meat substitute.
💡When it comes to competitive products, there are two main types of competition.
💡The substitutes aren’t the exact same product, but they can equally satisfy you. And this is exactly how Beyond is competing with meat products. They both go in your burgers and they’re both pretty tasty…
💡 But Beyond Meat is still significantly more expensive than regular meat. So Beyond Meat know that to be hyper-competitive with its meaty-competitors, it needs to achieve price parity in the very near future.
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