Beyond Meat (NASDAQ: BYND), a leading provider of plant-based meat, has been growing rapidly as it capitalizes on the growing trend toward healthier meat alternatives. The proof is in its revenue number. Its top line was about $16 million in 2016, and it grew to nearly $300 million last year.
COVID-19 has had a mixed effect on results. The drop in traditional meat production has helped Beyond Meat's retail sales, while restaurant closures have hurt its foodservice unit. Going forward, there has been a short-term negative impact since people couldn't dine out in many parts of the country through the second quarter.
However, the company's popular non-meat products are not merely a short-term phenomenon; Beyond Meat is poised for strong long-term growth.
Source Fool.com