Ethan Brown, CEO of Beyond Meat, one of the leading vegan product firms, said they were starting to offer plant-based foods to more consumers this summer as beef supplies in the U.S. decreased and prices rose because of the coronavirus outbreak.
Several US meat producers, such as Tyson Foods and Smithfield, have closed their facilities and stopped production due to coronavirus, causing meat prices to increase considerably. In recent years, plant-based meat products used by the vegan lifestyle, which is mentioned along with healthy living, began to work to increase market share in the sector during this problem. Beyond Meat, which is moving rapidly in the vegan product sector with its plant-based meat substitution products that it started in 2009, sees this process as an opportunity to win new customers. “We view this as a massive opportunity for us to drive trial and win consumers over into our segment,” said CEO Ethan Brown, who participated in CNBC’s Mad Money program hosted by Jim Cramer, noting that sales in the first quarter of 2020 were very good, but they were quite affected by coronavirus.