Ethan Brown has seen the rise and fall of the plant-based meat market since founding what most know as Beyond Meat in 2009. Now, under the new name Beyond The Plant Protein Co., the former industry titan is betting on energy drinks and protein bars to please an increasingly discerning consumer base.
Since its initial public offering in 2019, the El Segundo-based company has slid from dominating the plant-based category as a $14 billion giant to receiving a Nasdaq delisting warning this March for a consistently low stock price. Its shares have traded mostly below $1 since January – a staggering fall from its peak close of $234.90 on July 26, 2019. Last year was its worst one yet, with stock prices dropping 78.2% to the penny status and a net loss of $332.7 million, more than double from 2024.
Weak consumer demand, lower international sales and internal turmoil have further tanked Beyond’s business performance. For the first quarter of 2026, its net revenues decreased to $58.2 million, a 15.3% drop compared to $68.7 million during the same period last year. It cut 6% of its workforce – or 44 North American employees – in 2025 and completely exited the Chinese market.
In a bid to turn the tide, Beyond in June rolled out its first sparkling beverage called “Beyond Immerse” in New York and slated its first plant-based protein bar for a summer release. It remains to be seen, however, whether consumers will bite. Brown, who leads Beyond as chief executive, seems confident. After all,
“Beyond Immerse” is hitting all the checkboxes for today’s value-conscious consumers – in a 12-ounce can, Beyond is packing protein, fiber, antioxidants and electrolytes all into one bubbling drink. The potential for plant-based foods beyond meat alternatives looks promising, according to analysts, and Beyond is already equipped with almost 17 years of experience.
“We believe that we are strongly positioned to compete and win based on what is now nearly two decades of work on the functionality, characteristics, cost and presentation of plant-based inputs,” Brown said during the first quarter earnings call in May. “It’s possible that we’ve done this work, that is, we’ve innovated with plants under more scrutiny than any other company ever.”
A holistic demand
Beyond’s expansion past plant-based meat reflects a broader consumer demand that prioritizes health, convenience and affordability – the people want it all, and they want it fast.
On one hand, there is “health-maxxing.” The social media trend to maximize all aspects of mental and physical health is gaining followers nationwide, while memories of the COVID-19 pandemic and political slogans such as “Make America Healthy Again” further steered consumer consciousness towards wellness. Consumers are getting smarter and more aware of what they put into their bodies, said Duleep Rodrigo, KPMG’s U.S. sector leader for consumer and retail.
Protein, specifically, is the “headline” of the day, he pointed out. A KPMG survey conducted in February and March found that almost half of respondents made dietary changes in the past year, and 41% of them moved towards high-protein diets.
Another upcoming priority is gut health, Rodrigo said.
“As we started getting more and more educated around the benefits of protein, you’re also going to start having this conversation about gut health, sugar, sodium,” Rodrigo said. “And (consumers would ask), how do I balance all of this stuff?”
Beyond a balanced diet, consumers also want a convenient, nutrient-dense option at an affordable price. The rise in popularity for glucagon-like peptide-1 (GLP-1) medications, which help suppress appetite and slow stomach emptying, means smaller portion sizes and an increased preference to make every bite count.
At the same time, people have less money to spend on food; cooking at home is increasingly preferable to going outside and paying a premium, with 36% reporting dining at home more often than last summer in the KPMG survey. Respondents who ate at home more often also said they were mainly doing so due to budget concerns.
The central question for consumers, then, is how to get the necessary nutrients they need with a tighter budget, both in terms of money and calories.
Outlook for Beyond
Within the context of a holistic consumer demand, Beyond’s answer of an all-in-one drink seems to hit the bullseye.
Packing 20 grams of protein and 7 grams of fiber in each can, the drink can easily satiate a majority portion of an average person’s daily nutrition needs, though its sales data remains to be seen. Some analysts, such as Michael Swanson, chief agricultural economist at Wells Fargo Agri-Food Institute, recognize the potential for such a recipe.
“There’s always one flavor that every American agrees is wonderful, and that’s convenience,” Swanson said. “If I’m getting the grams of protein and the grams of fiber that I need, and I enjoy drinking it because of the flavor and texture, it’s absolutely going to be in my rotation all the time. Any company that can deliver that type of a profile in that type of a format is going to do very well.”
Swanson further pointed out that with the rise of GLP-1, plant-based protein may yet see a renaissance. The source of the protein matters less to consumers than the organoleptic profile and the price, Swanson said, which means companies with plant-based protein technologies have one less factor to worry about when competing with animal protein manufacturers.
“People are looking for nutritional density … plant-based protein is a good way for them to find that combination of fiber and protein as they eat fewer calories,” said Swanson. “Companies that have plant-based protein technology are seeing this as a big opportunity, and they’re pivoting to being an ingredient supplier.”
While Beyond has not yet capitalized on that opportunity, Los Angeles-based companies are already competing in that space, such as Sawtelle-based Axiom Foods Inc. and downtown L.A.-based Green Boy Group.
What about the meat?
Despite the positive outlook for the protein drink, many challenges remain for Beyond.
After the company disappointed Wall Street in May with a second quarter projected net revenue between $60 million and $65 million, its stock prices dropped more than 15% per share and have not risen to more than $1 since. It also lost $41.1 million in operating costs last quarter, which, according to a Motley Fool report, means it lost about 71 cents for every dollar in generated revenue.
The company is in a tough spot, and its magic solution of a protein drink arrived in an already highly saturated market. The domestic protein supplements market is valued at almost $10 billion, according to market research company Fortune Business Insights.
From Starbucks and Dutch Bros Coffee to PepsiCo Inc. and Nestle, protein-seekers already have a lot of options and likely brand loyalty – a tough nut to crack for newcomers like Beyond. It has collaborated with major beverage distributor Big Geyser Inc., which serves over 26,000 locations in New York, but there is still a long way to go.
“The beverage business is a challenging, highly competitive industry – and securing lasting shelf space and support from consumers is no easy task,” wrote Motley Fool analyst Keith Noonan. “Beyond’s distribution deal with Big Geyser has the makings of a substantial and encouraging first step, but there’s still a lot of uncertainty on the consumer-demand front.”
There is also the question of its alternative meat product lines. Beyond is far from giving up its signature dish – in fact, its alternative meat offerings have been expanding. The “Beyond Steak Filet” officially joined the shelves of major retailers this summer, such as Wegmans Food Markets Inc., H-E-B Grocery Co. and Meijer Inc. In April, the company also launched its “Beyond Chicken Pieces Spicy Buffalo” at The Kroger Co. stores across the country. In the words of Brown, “we remain highly focused on the performance of our core business.”
Looking to gain a retail stronghold
burger patties, steaks
and chicken. (Courtesy of Beyond)
That could be a smart move to capture key retail space, especially when its presence in restaurants has been waning. Beyond’s first quarter results show that domestic foodservice net revenues dropped 29.7% to $6.6 million, while international foodservice plummeted 25.9% to $11.3 million. With fewer people spending less to eat out, as Rodrigo suggested, pivoting to supply the home kitchen aligns with consumer interest.
The price point and the conversion rate, though, still present a problem.
Plant-based meats are traditionally more expensive because of supply-chain fluctuations, high costs of ingredients and production expenses. The fact that manufacturers charge a premium and overestimate the consumer base did not help. Swanson pointed out that companies may have misunderstood the demand for plant-based meat alternatives, and with actual meat being more affordable, consumers who are not die-hard fans may be less willing to pay a premium.
“Oftentimes consumers will answer surveys and say they’re very enthusiastic, willing to pay a lot for something, and then when they have to pay for it over and over again, they lose some of that enthusiasm,” Swanson said. “It’s one thing to ask people in a survey what they would do, it’s another thing to ask them at the checkout when they have to tap their credit card.”
There is also a growing sentiment against ultra-processed foods, which, according to a Johns Hopkins University Bloomberg School of Public Health report, have one or more ingredients that one won’t find in a kitchen and underwent chemical alterations that “leave the final products bearing almost no resemblance to the original ingredients.”
A New York Times report pointed out that though plant-based meats may reduce cardiovascular risks, the public increasingly perceived them as unhealthy because they are considered ultra-processed.
“It was that union of elite foodies that want to buy their backyard hen in Amagansett and big industrial ag lobbyists crafting this narrative,” Brown told New York Times. “They found union in one another that was very damaging.”
What Beyond is facing right now, then, is this delicate balancing act between convenience and processed food. As the push towards health gains momentum, Beyond will have to convince its customers and investors that it is catching up with the time.
“That’s where food companies are working: how can I give the consumer something they consider not ultra‑processed, good for me, and easy to prepare?” Swanson said. “When you hit that combination, you really do check a lot of boxes.”
