Beyond Meat to roll out new steak alternative to revive demand – report

Beyond Meat (NASDAQ:BYND) will launch a whole muscle steak alternative that will mimic the taste and texture of a filet to lure health-conscious consumers, its CEO Ethan Brown told CNBC.

The new launch is expected to include a partnership with a healthier restaurant chain, as opposed to Beyond Meat’s (BYND) earlier strategy for partnering with fast-food chains like McDonald’s (MCD).

Brown did not mention when the new product, which will be priced at a premium, will be launched.

Beyond Meat (BYND) is also rolling out reformulated versions of Beyond Burger and Beyond Chicken with fewer ingredients, aiming to allay fears of plant-based meat alternatives being too processed.

In a separate interview with Yahoo Finance, Brown reaffirmed his goal of Beyond Meat (BYND) becoming a “global protein company that rivals, some day, in size JBS (OTCQX:JBSAY) or Tyson (TSN) or these large animal protein (companies)” and added, “our best days are ahead of us.”

Brown’s statements come at a time when Beyond Meat (BYND) has been facing weakening demand, prompting a major cost-cutting drive that helped narrow its Q2 loss.