Beyond Meat to launch new steak alternative as it focuses on health

Core Viewpoint - Beyond Meat is shifting its strategy to focus on health-conscious consumers by introducing a whole-muscle steak alternative and partnering with healthier restaurant chains instead of fast-food outlets [1][2]. Group 1: Strategic Changes - The company announced a turnaround strategy over six months ago, which includes cost-cutting, price increases, and discontinuation of its jerky product made with PepsiCo [1]. - Marketing efforts are now emphasizing the health benefits of a plant-based diet, collaborating with organizations like the American Cancer Society and engaging college athletes as influencers [1][2]. - The new product aims to mimic the texture of a filet using mycelium, positioning it as a protein source for salads and burritos [2]. Group 2: Product Development - Beyond Meat is reformulating its existing products, including the Beyond Burger and Beyond Chicken, to feature shorter ingredient lists, targeting consumers who perceive plant-based meat as overly processed [2]. - The new steak alternative is designed to have a very small number of ingredients, high protein content, and low saturated fat [2]. Group 3: Industry Challenges - The CEO has attributed some challenges faced by the plant-based meat industry to misinformation propagated by the traditional meat industry and cattle farmers, particularly regarding the processing of plant-based meats [2]. Group 4: Launch Timing - The company has not disclosed specific details regarding the timing of the new product launches [3].