Beyond Meat is going beyond plant-based beef patties.
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The company will soon be expanding its portfolio and adding 1-pound packages of plant-based ground meat, called Beyond Beef, to the market, Gregg Smith, Evolution VC Partners CEO and early Beyond Meat investor, told FOX Business on Wednesday.
“Their 1-pound package of ground beef is coming out. That is a huge category,” Smith told FOX Business. “If you look at the ground beef — that is the biggest seller in the meat department.”
A Beyond Meat spokeswoman confirmed to FOX Business on Wednesday the product will be hitting store shelves, but would not provide further details on when it will be released nationwide. She said “more information on Beyond Beef” will come “very soon.”
The “meat” is made from a blend of pea, mung bean, and rice proteins and contains 25 percent less saturated fat than real beef. Smith said the plant-based ground beef is more versatile and can be used in a slew of meals such as Bolognese sauce and meatballs, or used to form personalized beef patties for burgers.
The company announced earlier this week that Beyond Beef will be offered at the Whole Foods Market in Boulder, Co., where the first Beyond Meat product was first sold at a grocery store.
"We wanted to get back to our roots and show our appreciation to the place where it all began with a little sneak preview," the company wrote on Instagram. "...Come be among the first to try this delicious new product that delivers the versatility, meaty texture and juiciness of ground beef with less of the baggage!"
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Beyond Meat shares tumbled on Tuesday after JP Morgan analysts downgraded the company’s stock from “overweight” to “neutral.” Analysts Ken Goldman and James Allen said the downgrade was “purely a valuation call.” Goldman said he was concerned the stock was too expensive, but still kept his price target at $120.
But on Wednesday, the shares surged as much as 17 percent.
On Tuesday, Beyond Meat also announced the release of a new, meatier version of its burger with “marbling that melts and tenderizes just like beef.” The new plant-based patties include apple extract that will allow them to turn from red to brown when cooked.
“The new Beyond Burger is the next step in our journey toward building meat directly from plants that delivers a consumer experience indistinguishable from its animal protein equivalent,” Beyond Meat founder Ethan Brown said in a news release.
The plant-based burger company’s shares have skyrocketed in recent weeks, surging between 570 percent and 650 percent from its initial public offering price of $25.
Smith told FOX Business that he’s not worried about the volatility and said he bought more stocks on Tuesday.
“I believe the stock will be substantially higher in the years to come. It’s a massive, massive market opportunity,” Smith said, adding that he looked at the worldwide market for meat.
The Associated Press contributed to this report.