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Is artificial meat in the air again?

Is artificial meat in the air again?

2020-05-09 283

Recently, the United States encountered a "flesh shortage."

New coronavirus interrupts meat supply chain

The new crown virus raged. Since Trump declared a state of emergency on March 13th, the US meat supply chain has been interrupted. At least 40 major meat producers have ceased production or closed factories. The production capacity has been greatly reduced, and the weekly production of meat products has dropped by 36% year-on-year.

According to media reports, retailers such as Costco and Kroger have limited the number of goods that consumers can buy due to shortage of supplies and soaring prices to ensure that more members can buy meat.

Kroger and Costco restrict the types of purchases including beef, chicken and pork, and the restriction order applies to all stores. Customers who want to order online and pick up at the store are limited to two servings of fresh beef, chicken and pork.

The data cited in the article shows that so far 20 meat processing and food processing workers have died. The closure of the factory resulted in a 25% reduction in pork slaughtering capacity and a 10% reduction in beef slaughtering capacity.

US President Trump had to sign an executive order to use the National Defense Production Act to classify meat processing as a critical infrastructure, with the aim of keeping the meat products factory operating during the crisis.

However, this caused great dissatisfaction, CNN published an article calling on people not to eat meat, because workers in meat processing plants are risking their lives to work.

Conservatively, more than 10,000 workers have tested positive for the virus. The Americans who couldn't persevere even started hunting up the mountain and started doing it themselves.

Tyson Foods, one of the largest meat processing companies in the U.S., said on Monday that in the past few weeks, due to workers infected with coronavirus, the company had to shut down several factories for deep cleaning, while other factories suffered from shortages of workers It is impossible to resume full-load operation, and even more meat factories are expected to close this year.

The company that produces Jimidian sausages said that even though it saw strong market demand, its industrial processing capacity declined and could not be met.

This dilemma not only affects retail supermarkets, fast food chains such as Wendy's are restricting their signature fresh beef burgers and other menu items, and random sampling of their menus has found that 5% to 10% of the menus can only provide chicken.

Man-made meat rides a ride, Beyond Meat becomes the biggest winner

The financial crisis has always spawned new products. However, many people did not expect this to give plant-based meat companies like Beyond Meat and Impossible Foods another huge opportunity for growth.

The popularity of alternative meats, such as vegetarian burgers and vegetable proteins, has risen sharply, with sales of top brands almost doubling. In addition to the impact of supply chain disruptions, experts attribute this to consumers ’desire for sustainable and healthy food.

Nielsen reported that in the last week of March, sales of meat substitute products increased by 255% (compared to the same period in 2019), which surpassed the 53% growth rate of meat products themselves.

Now the "family penetration rate" of artificial meat in the United States is less than 4%, and the new crown epidemic may bring new demand to the already growing market.

On May 6, Impossible Foods, which previously mainly sold restaurant sales, announced that it would sell products in more than 1,700 supermarkets and their websites in Kroger, a supermarket chain in 28 states. This cooperation will increase its share of the US retail industry. 18 times.

But the biggest winner is its competitor Beyond Meat.

A few days ago, Beyond meat released its first quarter earnings report, and its revenue increased by 141%, from $ 40.2 million in the same period last year to $ 97.1 million. The profit exceeded expectations, with a net profit of $ 1.8 million, and the stock price also increased. Rose more than 7%.

Ethan Brown, President and CEO of Beyond Meat, said on the earnings conference call on Tuesday evening that now beef wholesale prices have soared to $ 4.10 per pound, he will launch a more substantial discount for animal protein, Beyond Meat this summer Introduce "aggressive pricing", such as the introduction of lower-cost bulk packaging to food vendors.

Brown believes that this is a solution for consumers in the event of a meat supply disruption. Consumers should seize the opportunity to understand and try different options.

During this period, Beyond Meat has been negotiating with chain companies such as McDonald's, Dunkin 'Brands, Carl's Jr. and Subway to understand the operation mode and how to expand the cooperation with them. It is gradually provided to consumers as an official product.

Studies have shown that in this meat movement, Beyond Meat has become the biggest beneficiary. The author believes that especially the cost per pound of its products was minimized in the last quarter, which will help narrow the price gap with animal protein, and it is not a dream to achieve "price parity" by 2024.

Currently, Beyond Meat has approximately 94,000 stores worldwide, including Wal-Mart, Kroger, Amazon's Whole Foods and Costco, which are sold online through Amazon across the United States.

In April this year, the company entered China through cooperation with Starbucks, and the momentum of the plant-based food movement is unstoppable.

Later, Beyond Meat also intends to work with professional athletes such as NBA players Kyrie Irving, Chris Paul, and Olympic athlete Lindsey Vonn to highlight their health benefits.

In addition to Beyond Meat and Impossible Foods, two "old" companies, many other companies such as Tofurky, Gardein, and Kellogg's MorningStar Farms all reported to Forbes that sales have increased.

Among them, the sales of Tofurky plant-based ham increased by 631% compared with the same period last year, and 38% of Gardein buyers purchased for the first time, reflecting the growing interest in plant protein.

It can be said that alternative meats are becoming more and more popular. According to Nielsen, before the US entered a state of emergency, sales of artificial meat in the last week of February increased by 158% year-on-year, and the epidemic has become a more powerful catalyst.

From emerging products to essential alternatives to life, artificial meat has been bullish all the way, at this time people are no longer entangled in taste and taste.

If it can be improved in the future, the price parity, it may really have a subversive significance. After all, the era of laboratory agriculture is coming.

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