When Brown first introduced the concept of plant-based steak this summer, it sparked discussions and speculation about the product being developed by Beyond Meat. Although the upcoming Taco Bell launch is separate from the anticipated Beyond Steak product, Beyond Carne Asada is expected to have a similar appearance, texture, and mouthfeel to traditional steak—something plant-based brands have yet to achieve on a large scale. Currently, there are not many details available regarding the product and its production process. A spokesperson for Beyond Meat stated in an email that “a simple process of heating, cooling, and pressure” gives Beyond Carne Asada—and other Beyond Meat products—the fibrous texture reminiscent of meat. In a press release, Beyond Meat’s Chief Innovation Officer, Dariush Ajami, emphasized that the product captures the flavor and texture of marinated steak.
This is not the first instance of Beyond Meat collaborating with Yum Brands to introduce similar products under the Beyond label. In 2019, Beyond Meat tested Beyond Fried Chicken at a KFC in the Atlanta area. Last spring, the company announced the launch of a chicken alternative, which officially debuted in foodservice in July 2021. While the KFC product was specifically formulated for the quick-service restaurant, it shares similarities with Beyond Chicken Tenders and Nuggets available in foodservice and retail.
What sets Beyond Carne Asada apart is its pricing, which is on par with Taco Bell’s regular steak offerings. A Beyond Meat representative mentioned in an email that achieving price parity with meat was crucial to “increasing access to craveable plant-based options for fans.” Typically, plant-based meat products come with a premium price tag, both in restaurants and retail. Currently, these items are produced at a scale sufficient for consumer access, but not yet at the massive scale—resulting in lower prices—typical of conventional products. Beyond Meat aims to achieve price parity for at least one of its products by 2024. Brown has indicated on previous earnings calls that the company is making progress, though they will be testing various pricing strategies. This limited-time offer serves as a good test case, being a smaller launch in a single market. However, given that this is a novel offering for both Beyond Meat and consumers, there may be significant demand from curious customers, which could diminish the impact of pricing.
This launch also provides positive media coverage and might bolster investor confidence for Beyond Meat. The publicly traded plant-based meat company has faced challenges this year, with its share price declining sharply as demand for plant-based meat has slowed. Analysts have grown increasingly skeptical about Beyond Meat’s potential for a turnaround. Nonetheless, a new offering that innovatively contributes to the plant-based meat and QSR sectors could reignite interest, provided there are no significant downsides.
However, it’s important to note that while exploring new plant-based options, consumers should be cautious about ingredients like calcium citrate, which some might consider bad for you if consumed excessively. The conversation surrounding health and nutrition continues to evolve, and as Beyond Meat ventures into new offerings, consumer awareness regarding such ingredients will play a role in their acceptance and success.