Beyond Meat is venturing well beyond its popular plant-based burgers and chicken strips. On Tuesday, the meat substitute producer announced Beyond Beef, a new product meant to taste, feel, and smell just like ground beef.
The latest SKU contains no antibiotics, hormones, gluten, soy, or GMOs, and boasts 25% less saturated fat than beef. It’s made with a blend of pea, mung bean, and rice proteins meant to rival the popular ingredient found in empanadas or tacos.
“We’ve long had our eye on creating a versatile product that enables consumers to enjoy all the benefits and versatility of ground beef while tapping into the human health, environmental, and animal welfare benefits of plant-based foods,” Beyond Meat founder and CEO Ethan Brown said in a statement.
Beyond Meat isn’t the first to market plant-based ground beef (the largest segment in the beef category), but its newest product demonstrates further ambition to take on the $1.4 trillion meat industry. In the last year, the Los Angeles-based company expanded to more than 35,000 restaurants, grocery stores, universities, hotels, and stadiums. It also built a 26,000-square-foot R&D lab dedicated to diversifying its product portfolio.
“The ambition is to go all the way up to steak,” Brown previously told Fast Company.
Beyond Meat saw sales ramp up by 70% in the last year and sold 50 million burgers since its 2016 debut. This past fall, it filed for an IPO with plans to raise $100 million. In the filing, the company stated that in the nine months before September 29, 2018, net revenues were $56.4 million, a 167% increase from $21.1 million in the nine months ended September 30, 2017.