Keep an eye on Beyond Meat (BYND).
Over the last few days, the plant-based stock fell more than $5 a share after COVID-19 took a bit out of earnings. The company posted a loss of $19.3 million, or 31 cents a share, as compared to net income of $4.1 million, or six cents a share year over year. Revenue was up 3% to $94.4 million from $92 million year over year.
“Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of COVID-19 on our net revenues and accordingly, throughout our P&L,” Beyond Meat Chief Executive Ethan Brown said, as quoted by MarketWatch.
However, we have to remember, the plant-based boom has only started.
The latest pullback may only be temporary.
“Data shows that consumers are turning to plant-based food options now more than ever,” said Julie Emmett, senior director of retail partnerships at the Plant Based Foods Association (PBFA). “Plant-based foods growth remains strong, proving that this industry has staying power.”
Better, the market shows no signs of slowing.
By 2025, the market could be worth well over $27.9 billion, according to Markets and Markets. Better still, UBS analysts say the alternative meat market could grow 28% a year to $85 billion in the next 10 years, as reported by Business Insider.