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Beyond Meat is hoping the fourth time’s the charm. On Wednesday, it unveiled its new Beyond IV Platform, the fourth generation of its Beyond Burger and Beyond Beef, set to hit retailers this spring.
The revamped products feature what the company says is a healthier ingredient list. In an effort to quell consumer concern over the nutritional value of its faux meat, and boost sinking sales, the items, reformulated with avocado oil, now have just 2g of saturated fat per serving, down from 5g in their previous iterations, while also cutting sodium by 20%. The new formulation now also features red lentil and faba beans for added protein and fiber.
- The products are American Heart Association certified and Clean Label Project Certified, the company said.
Some experts have criticized the nutritional value of plant-based meat, particularly due to high fat and sodium content and lack of fiber. On its latest earnings call in November, Beyond Meat founder and CEO Ethan Brown said “the health perception of the category…is the most immediate and important variable to address in order to restore growth.”
Growth, especially in the US, has evaded Beyond Meat in recent quarters. In its third quarter results reported in November, Beyond Meat said its US retail channel net revenues were down 33.9% YoY, which it attributed in part to a 18.8% drop in volume amid weakening consumer demand for plant-based meat. Its food service revenue dropped 21.6%, with volumes declining 37.7%. Beyond Meat will report its fourth quarter earnings on February 27.
Beyond Meat isn’t alone in its recent struggles: The meat alternative category as a whole has seen declining sales, down 33.6% year over year as of January 28, per Circana data reported by CNBC. Alt protein maker Meati Foods announced this month that it’s reducing its workforce by 13%, while Impossible Foods cut its staff by 20% in January, and several other alt-protein startups laid off employees or shuttered last year.