Celebrity chef Rocco DiSpirito says there’s nothing fake about Beyond Meat’s juicy $10 billion market cap. He believes the IPO validates the fake meat market.
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“I think we'll probably move beyond the fake meat label soon -- literally 550 percent growth in two weeks… [There's] really nothing fake about that, that surprised even me and I'm a big fan,” he told FOX Business’ Stuart Varney on Monday.
“I don't know if you remember when Shake Shack IPO’d, they IPO’d at a billion dollars -- arguably one of the best burger brands in the country and this is surpassing that with fake meat -- it's extraordinary and both of us wish we were in on the IPO right?”
The restaurateur, best known as a celebrity chef and cookbook author, has been grilling up special cuts of plant-based in vitro meat, which is cloned meat made in a lab, at his New York City restaurant, The Standard Grill, to satisfy those who are concerned about sustainability and health. And although it’s less than one percent of sales, and can cost up to $4 per pound more than regular meat, customers are “very vocal” about their affinity for the vegan substitute.
"When we run out, people, you know, there's a really loud cry about it,” he said.
Meanwhile, restaurant chains White Castle and Red Robin on Monday reported shortages of patties from Impossible Foods, Beyond Meat’s rival.