On Thursday, Beyond Meat said that it will launch a new version of its meat-free chicken tenders. They will be available in almost 400 restaurants across the nation. It is the first new substitute available after two years. They had discontinued the earlier version to concern on their Beyond Burger.
CEO Ethan Brown of the California based meat-free giant said that the chicken tenders were priced at a competitive rate for use across the restaurant industry. The recipe could also be scaled up and as demand increased the price of chicken tenders would decrease.
The new chicken tenders recipe was made with a combination of fava beans and peas. It has a protein content of 14 grams per serving. Peas have been a staple ingredient in sausage and beef substitutes made by Beyond though small quantities of fava beans and other proteins are also used in the formulation.
Brown also mentioned that one of the things he was interested in was to increase the protein diversity in their products. He also said that they wish to promote more meat substitutes under the poultry category.
The coronavirus pandemic affected sales of Beyond products due to the shuttering of its customers which included restaurants, universities and office buildings. Although the launch of its new version of chicken tenders has come at a time when restaurants are once again opening their doors to the public, Brown called the timing a lucky coincidence.
In the first quarter of this year, more than three fourth of its U.S. revenue was through retail sales.
However, he did not indicate when the new chicken tenders would be available in grocery stores.
In the past three months, ending April 3, the company U.S. foodservice revenue fell by 26 percent to $16.7 million. As of Wednesday, Beyond’s share price has risen by 12 percent and its market value stands at $8.65 billion.