Beyond Meat has partnered with UK supermarket chain Sainsbury’s to expand its presence in the country and meet the growing consumer demand for plant-based food products.
As part of Beyond Meat’s (BYND) UK expansion spree, its plant-based Beyond Burger will be sold at 372 Sainsbury’s stores and 41 Gourmet Burger Kitchen restaurants. Earlier this year, the plant-based beef pioneer secured a number of UK foodservice and retail partnerships with Holland & Barrett, JD Wetherspoon, and Tesco, among others.
“The UK continues to be a crucial part of Beyond Meat’s long-term growth strategy in Europe and we’re excited to bring our iconic plant-based products to more of the UK’s most popular supermarkets and high street restaurants,” said Beyond Meat Chief Growth Officer Chuck Muth “We know consumers are looking for more diverse protein options, so we are proud to partner with some of the UK’s favourite retailers to make Beyond Meat’s products more accessible than ever.”
Beyond Meat’s products are made with plant-based ingredients without GMOs, soy, gluten, antibiotics, and cholesterol, to deliver the highest quality of nutritious, and sustainable plant-based meat options, the company said.
In June this year, the company announced the opening of its first co-manufacturing facility in the Netherlands, to secure efficient distribution of its products across Europe, including the UK, the Middle East and Africa.
Earlier this week, Beyond Meat disclosed that Walmart will triple the availability of its Beyond Burger to more than 2,400 stores nationwide, from the current 800 stores.
The plant-based meat producer has in recent weeks forged partnerships to enter additional international markets, including Brazil and China, to shift its sales to retail as the coronavirus pandemic is boosting the appetite for healthier eating, while outdoor dining options are limited and consumption in supermarkets is increasing.
The company’s expansion deals have helped BYND’s share price pop 126% this year. Following the impressive rally, the $131 average analyst price target now indicates downside potential of about 21% from current levels.
For Wells Fargo analyst John Baumgartner it is time to sell the stock and take profits. Baumgartner said this week that he is sticking to his Sell rating as he believes that while demand for plant-based meat products is stabilizing, competition is growing and prices are softening.
The rest of the Street has a Moderate Sell analyst consensus on the stock. That’s with 6 Sells, 7 Holds and 2 Buys. (See BYND stock analysis on TipRanks).