Shares of Beyond Meat Inc surged 27% on Friday after the vegan burger maker forecast that sales would more than double overall in 2019 after they tripled in the first quarter.
As for the rest of the year, Beyond Meat is forecasting net revenues to exceed United States dollars 210 Million, representing a 140% increase year-over-year.
What captured investors' attention was the forecast that sales would exceed US$210 million this year, beating analysts' estimate for about US$205 million.
Beyond Meat's burgers feel, smell and taste like real meat, but is made of yellow pea protein, canola oil and other vegetable starches.
They added: "We continue to expect significant growth potential in the plant-based meat category and believe that Beyond Meat is well positioned as one of the front-runners leading the new wave of plant-based meat products".
Beyond Meat is marketing its meat substitutes to vegetarians and vegans, and to consumers desirous of restricting their meat intake for health or environmental reasons.
The El Segundo, California-based company lost $6.6 million, or 95 cents per share, in the first quarter, up slightly from a 98-cent loss in the same period a year ago. Impossible has been struggling to meet the high demand for its product, suggesting that as interest increases in Impossible, more customers may turn to Beyond, as well.
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According to Reuters, grocery stores are split on the issue.
"We're still heavily weighted on probably 60 to 70 percent of the Beyond Meat being sold from the vegan location", Saenz said, calling purchases out of the fresh meat case "more of an impulse buy". While a great alternative for consumers conscious of the environment, the company still needs to put in the work to get more takers as its products cost much more than beef burgers. Beyond Meat is now valued at almost $6 billion.
Beyond Meat, whose rivals include USA -based Impossible Foods, is likely to face increasing competition in the niche market as companies like Nestlé and Tyson Foods ready their own line of products. Shares of Beyond sank as much as 7% Monday on the news that Nestle, a major competitor, would release its own veggie burger in the USA.
"As we are entering into additional test and distribution channels and take on new customers, those will be additive to our numbers", Brown said.
Canadian packaged meat producer Maple Leaf Foods Inc, which sells plant-based meat alternatives such as vegan ground beef under its LightLife brand, expects its products in the meat case of USA retailers by this summer.
Nestlé recently announced its plan to roll out a plant-based Awesome Burger this fall. In 2018, Beyond Meat controlled only 2.1 percent of the US meat alternative market.