Beyond Meat Launches Plant-Based Steak Tips

Alt-meat brand Beyond Meat has officially launched its long awaited plant-based steak.

Beyond’s new plant-based seared steak tips can already be found on Walmart and Jewel Osco’s ecommerce sites and in stores. Beyond Meat did not respond to a request for comment for this story.

The product is available 3in 10 oz bags for between $6.99 to $7.99, with each ¾ cup serving containing 21 grams of protein and six grams of fat. The tips are composed largely of water, faba bean protein, wheat gluten and canola oil. While the back of the pack sports a Hallal certified logo, it does not appear to be certified Kosher. Cooking instructions state that the frozen tips can be prepared in around five minutes on a stovetop or in an air fryer, but cannot be microwaved or cooked in an oven.

Beyond Meat CEO and founder Ethan Brown has teased the launch for close to a year, though the company has, to-date, declined to comment on an official launch timeline.

Company executives had framed steak as its move into whole meat cuts, with Brown telling analysts on the second quarter earnings call that the product would be “a delicious and convincing strip of steak.” However, from product packaging, it appears the product is more similar to diced meat. In September, Beyond announced a limited test with Taco Bell for a plant-based Carne Asada steak, but has not detailed if the steak tips utilize the same production process.

The launch is perhaps the biggest innovation to come from the alt-meat producer in some time. While Beyond also introduced popcorn chicken earlier this year, it had previously launched, and in some cases sunsetted, other chicken products. A new cut of meat with a new protein texture has remained out of grasp until now, with existing beef innovations largely centered around ground meat formed into blocks, patties, meatballs and sausages.

In addition to a new form factor, the line also will break with Beyond Meat’s merchandising strategy for its alt-beef products. While the company has heralded its placement in the refrigerated case, sometimes alongside animal-based meat products, as a point of differentiation and a main driver of consumer interest in the larger meat alternative category, the tips will be sold frozen. This positions the product far from “fresh” refrigerated meat alternatives and animal-derived steak tips, but also from pre-packed beef steak tips from Hormel, Tyson and others, which are often sold refrigerated.

However, movement into whole cuts is vital if Beyond wants to keep up with new alt-protein providers such as Meati, which offers plant-based steaks and chicken cutlets. In the future, Beyond may also see competition from cellular ag startups and 3D printing companies, both of which claim they will be able to create whole cuts of meat using new technologies.

While the company will have to now reorient consumers to head to the freezer door, if successful the line could serve as a new brand block for Beyond in frozen. Brown told analysts in August that to-date the majority of Beyond’s U.S. retail business is in refrigerated products, rather than frozen.

“We started with the fresh category, really pioneered that…and then a number of brands came in and it got kind of disorganized and disjointed as a category, particularly in the fresh space,” Brown said. “There will be consolidation and things of that nature. But let’s get back to a really clearly identifiable brand block in retail. Let’s make sure that happens in refrigerated. Let’s make sure that happens in frozen.”

Innovation has remained a point of friction for Beyond Meat. The company launched an alt-beef jerky earlier this year as part of its PLANeT Partnership joint venture with Pepsico, but has seen poor results, with overall sales guidance lowered, in part, because of the product’s cost, margin and lackluster sales. A burger test with fast food chain McDonalds was also sunsetted.

The new launch comes against the backdrop of setbacks for Beyond Meat, including the arrest and firing of COO Doug Ramsey as well as last week’s layoff of roughly 200 employees.

“Beyond Meat is implementing measures to drive more sustainable growth, emphasizing the achievement of cash flow positive operations within the second half of 2023,” Brown said in a press release. “To manage through the current environment and realize the opportunity ahead, we are significantly reducing expenses and sharpening our focus on a set of key growth priorities.”