Beyond Meat and Impossible Foods, makers of plant-based meat alternatives, have seen surges in sales due to a shortage of beef and pork during the coronavirus pandemic.
Beyond Meat reported its first quarter net revenues increased 141 percent from the previous year to more than $97 million, compared to more than $40 million in first quarter in 2019.
“During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement,” Beyond Meat President Ethan Brown said in a statement.
The company’s shares have increased 85 percent since March 18 and retailers are requesting expedited deliveries of its product, Market Watch reported.
Impossible Foods, a private company that produces the Impossible Burger, is adding its product to 777 retail locations in California, Nevada and the Chicago area. Its debut in these new stores will mark a 500 percent increase in grocery stores selling the Impossible Burger, and the product will be in 1,000 grocery stores “soon,” the company announced in April.
“We’ve always planned on a dramatic surge in retail for 2020 — but with more and more Americans’ eating at home under ‘shelter-in-place’ orders, we’ve received requests from retailers and consumers alike,” Impossible Foods President Dennis Woodside said in a statement.
Meat processing plants have quickly become hot spots for coronavirus outbreaks, leading to an increasingly fragile supply chain for beef and pork. President TrumpDonald TrumpUN meeting with US, France canceled over scheduling issue Trump sues NYT, Mary Trump over story on tax history McConnell, Shelby offer government funding bill without debt ceiling MORE issued an executive order last week ordering processing plants to stay open during the pandemic in an attempt to head off future disruptions.