Beyond Meat makes sizzling market debut

Channel: Fox Business
Published: 05/02/2019

Description
Beyond Meat co-founder Ethan Brown discusses the investment and growth opportunities in his food business. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the b...



Transcript
Well, while us still stock is plunging, let's take a look at another sizzling stuck right now. The stock market debut for beyond me, went beyond the plant-based meat maker stock opened midday more than doubled, briefly halted to volatility right now. That stock is on place to close up a hundred sixty six percent of the upside 66-57 incredible. The stock was priced at twenty five dollars. Folks, th ...
company builds meat directly from plants and it's hello product. You probably heard of it by now the be on burger. This, the world's first 100 % plant-based burger beyond meat, is targeting, ironically, the one point: four trillion dollar global market for meat beyond meat co-founder and ceo ethan brownjoins us now ethan, it's great to have you and congratulations. What do you make of your stock market? Debut? Thank you so much for having me. I appreciate it. You know it's really a wonderful thing to see. We'Ve seen this in the marketplace itself, with consumers coming to get our product at supermarkets at fast food stores, etc, and i think this is representative of enthusiasm that the public has for a solution here. We all most of us love meat.

We want to keep eating it, but we're recognizing that the levels we're consuming and the type of meats we're consuming. We may want to be able to do better, and so we offer an opportunity. Tohave people continue to eat what they love burgers, sausages, cetera, but doing the way, that's better for their bodies and better for the earth. Sure - and you know only about 5 % of the nation is - is technically vegan, but i know that you're putting your products, which i find interesting in the meat sections in particular at kroger, and your data showed you that consumers were actually buying a regular piece of Meat and then buying your product as well is that the growth strategy? Do you think this is a really remarkable statistic and i think it's important to center on, as you think, about the investment opportunity and growth opportunity of our company, so ninety-three percent ofthe consumers at the nation's largest conventional grocery, that you mentioned, are also putting animal protein In their carts, when they buy a beyond burger, so think about mom or dad going to supermarket buying products for their families for the week and they're putting mini salmon in tree but they're also now putting beyond in another really in cystic out of that particular chain. Is in southern california, last summer we became the number one selling packaged burger product in the me case, so out, selling 8020 beef, outselling, angus, etc. Right, i think that speaks to the size of the opportunity. Well, i think that speaks to to the health consciousness of california's. At the same time, nowthat we welcome you to wall street we're gon na challenge you with wall street, because they're gon na be looking for profits and you're not profitable. Now i know that you've talked a lot about having to reinvest because you've been such a hot company. You'Ve got to build more manufacturing facilities. You'Ve got to work on the pipeline, the product pipeline, getting the sourcing for your beyond burger and the new products of any timeframe you can give us about when you might turn a profit. You know i'm not gon na talk about that right now, but what the reason that we're so focused on expansion and growth and innovation is this: is a 1.

4 trillion dollar industry aswe go after it? We want to make sure that we're providing products that light the consumer that win not only on taste but on nutrition and ultimately, as we grow on price. Now that's a longer-term goal for us, but it's important to get there and so focusing too much too early on the wrong metrics, i think, could slow our growth and i want to provide the the market with a very large global protein company. That'S capable of satisfying consumers, not only here in the us but globally, and that speaks to your turn to your words about investing in the company. You do have some some. You know competitors out there and to your point. Themeat business is one point four trillion globally, but you've got impossible foods, lightlife foods and then you've got big players like tyson in the chicken company. I still come the chicken company they they want to get into this into this industry because they see the opportunity. Does that make you nervous? No, it doesn't make me nervous what what we're really focused on is this concept of rapid and relentless innovation, and that's actually name or innovation program internally, and it's really designed to do one thing, which is to make the products that are on the shelf today. That are in quick sort of restaurants today that are beyond meat products obsolete tomorrow, and we want todo that by continuing to improve, we want to keep closing the gap between our product and animal protein. So we organized our company in a way that allows us to have the best engineers the best scientists, the best manners all come together with that single goal of collapsing those gaps getting closer and closer to animal protein. I think more about that than any of the competition we're looking at video view at the nasdaq earlier and and opening up the stock in the company and congratulations ethan. It really is a spectacular debut for a company we're going to be looking forward to that.

First quarter when you report the numbers, ethan brown. Thank you very muchfor. Having me appreciate it.


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