Where’s the Beef? Why the Brits Are Going Meatless, and Kellogg Can’t Wait
By now, most people are aware of the stunning rise of Tyson Food's Beyond Meat (NASDAQ: BYND) IPO. The stock had an initial IPO price of $25 in early May but skyrocketed 700% to a record $201 .88 intraday on June 18. And while Beyond Meat might currently be attracting all the attention, there is plenty of room in the meatless market for a competitor to get swept up in the excitement. Case in point, the Kellogg's-owned MorningStar Farms brand.
The demand for plant-based meat is growing globally. A report released in September 2018 based on 12 months of data the Plant Based Food Association commissioned from Nielsen, a leading retail data company, showed that sales of plant-based meat in the U.S. outpaced growth of regular meat by 20%. Plant-based meat grew by 23% while meat itself grew only 2%. Impressively, Beyond Meat's sales grew by 70% during the same period. According to Barclays analysts, the global alternative meat market could grow to $140 billion globally in the next 10 years.
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