Beyond the first public offer of the Meat was not explosive.
The Meat Replacement Company shares clouded after its debut on Thursday, at one point increasing by as much as 163% and increasing its valuation to over $ 3 billion.
But in an interview with Business Insider Thursday afternoon, cofounder and CEO Ethan Brown said he is more focused on long-term.
"More than worrying about competition, I worry about how we make the products we currently have on the shelf out of date, by improving them," Brown said.
Brown's ultimate goal and Beyond Meat's "true north" create the perfect replication of meat. He said the company is 70% there. Items like sausage and burgers – like the popular Beyond Burger – are easier to make than products like beef and bacon, he said.
But Beyond Meat is set to try and win over meat lovers of all races.
Beyond Meat was founded in 2009 by Brown, who baked socially conscious messages into the brand from the beginning. Beyond meat, the idea is that ethical consumption can be marketed – the prospect comparison mentions "human health, climate change, resource protection and animal welfare" before the first paragraph is over.
Meanwhile, Brown said that Beyond Meat purposefully avoids any condemnation of predators.
The company emphasizes that it has an audience outside the vegetarian and vegan audiences. 93 percent of people who bought Beyond Burgers at Kroger in the first half of 2018 also bought animal products during the same period, according to the grocery chain.
Beyond Meats products are sold in large grocery chains, including Kroger, Target, and Whole Foods. Chains like Bareburger and TGI Fridays have Beyond Burger on the menu, and Del Taco serves Beyond Tacos.
Brown said that Beyond Meat is part of the carnivore because it means more potential customers. While the plant-based food industry generates annual sales of around $ 13 billion in the US economy, Brown said that meat is $ 1.4 billion – more than 100 times larger.
"Although protein was very important for our development and did good things for us from an evolutionary perspective, it also gave us a rather large brain that we can work on to find out how to innovate in this most fundamental area. , "Brown said.
Beyond Meat's moral code also has some economic benefits. Brown says that Gen Z and the younger millenniums are constantly driven by their values when they shop, making them more likely to choose a Beyond Meat product over a less environmentally friendly meat option.
"It costs a lot of money to go out and buy a Tesla," Brown said. "It takes $ 6 to buy Beyond Burger and give a statement on what you believe in."