Business

Beyond Meat's stock falls after former investor Tyson Foods announces plant-based nuggets


The meatpacker announced Thursday that it planned to launch imitation chicken nuggets this summer, as well as burger patties blending meat with vegetables in the fall.


The stock has been gyrating as analysts have raised concern about its monster run and short sellers have taken an interest.


Credit Suisse analyst Robert Moskow wrote in a note Thursday that he does not view Tyson's hybrid burgers as a major threat to Beyond.


"Although competing hybrid burgers offer less saturated fat than the 100% plant-based products from Beyond and Impossible, they simply don't taste as good in our experience," he wrote.


Euromonitor expects that the market for meat alternatives will hit $22.9 billion globally by 2023.


The flexitarian diet is driving that growth, with nearly 60% of U.S. consumers expressing interest in eating less meat, according to Mintel.






Powered by Blogger.