History of Beyond Meat in Timeline
Beyond Meat, Inc. is a Los Angeles-based company that produces plant-based meat substitutes. Founded in 2009 by Ethan Brown, the company launched its first products in the United States in 2012. In 2019, Beyond Meat became the first plant-based meat analogue company to go public.
2009: Ethan Brown Founds Beyond Meat with a Mission
Ethan Brown founded Beyond Meat in 2009 with the stated mission of combating climate change. He collaborated with University of Missouri professors, Fu-hung Hsieh and Harold Huff, who had been developing meatless protein.
2009: Beyond Meat Founded
Ethan Brown founded Beyond Meat, a Los Angeles-based producer of plant-based meat substitutes, in 2009.
2012: Beyond Chicken Strips Launched
Beyond Meat launched its first product, Beyond Chicken Strips, at Whole Foods in 2012.
2012: First Products Launched in the US
Beyond Meat launched its initial products in the United States in 2012.
2012: Beyond Meat Launches First Product: Plant-Based Chicken
In 2012, Beyond Meat introduced its first product, a plant-based chicken alternative, sold frozen and made from soy powder, gluten-free flour, carrot fiber, and other ingredients.
2013: National Expansion and PETA Recognition
Beyond Meat expanded nationally in 2013 and was named Company of the Year by PETA.
2013: Venture Funding Secured
From 2013 to 2016, Beyond Meat received venture funding from various investors including GreatPoint Ventures, Kleiner Perkins, Obvious Corporation, Bill Gates, Biz Stone, the Humane Society, and Tyson Foods.
2014: Beyond Meat Begins Development of Plant-Based Burger
Beyond Meat announced in 2014 the development of a new plant-based burger alternative.
2014: Beyond Beef Crumbles Developed
Beyond Meat developed its first plant-based beef product, Beyond Beef Crumbles, in 2014 and expanded into plant-based pork.
February 2015: Beyond Meat Releases Plant-Based Burger
In February 2015, Beyond Meat released its highly anticipated plant-based burger alternative.
October 2016: Tyson Foods Invests in Beyond Meat
Tyson Foods purchased a 5% stake in Beyond Meat in October 2016.
December 2017: Beyond Meat Introduces Plant-Based Sausage
In December 2017, Beyond Meat expanded its product offerings with the introduction of Beyond Sausage, a plant-based alternative to pork sausage, available in three varieties: Bratwurst, Hot Italian, and Sweet Italian.
June 2018: Second Production Facility Opened
Beyond Meat opened its second production facility in Columbia, Missouri, in June 2018, tripling the company's manufacturing space.
2018: R&D Lab Opened
Beyond Meat opened a 26,000 square feet R&D lab in El Segundo, California, in 2018.
2018: Beyond Meat Raises US$\$72 Million and Gains Celebrity Investors
By 2018, Beyond Meat had raised US$72 million in venture financing and gained celebrity and athlete investors like Leonardo DiCaprio, Jessica Chastain, Snoop Dogg, Liza Koshy, Chris Paul, Kyrie Irving, and DeAndre Hopkins.
March 2019: Beyond Meat Faces Lawsuit from Former Business Partner
In March 2019, Beyond Meat was sued by its former business partner and supplier, Don Lee Farms, alleging breach of contract and raising concerns about food safety protocols.
April 2019: Tyson Foods Exits Investment
Tyson Foods sold its 6.5% stake and exited its investment in Beyond Meat in April 2019.
May 2019: Beyond Meat's Successful IPO
In May 2019, Beyond Meat went public on the Nasdaq exchange under the symbol BYND, achieving a valuation of $3.8 billion and marking the best-performing public offering by a major U.S. company in almost two decades.
July 2019: Dunkin' Donuts Partnership Announced
In July 2019, Dunkin' Donuts announced its plan to sell breakfast sandwiches using Beyond Meat's Meatless Sausage product, starting in Manhattan and expanding nationally on November 6, 2019.
July 2019: All-Time High Stock Price
Beyond Meat's stock price reached an all-time high in July 2019.
November 2019: National Launch of Beyond Sausage at Dunkin' Donuts
Dunkin' Donuts launched Beyond Sausage nationally on November 6, 2019.
2019: Beyond Meatballs Debut at Subway
In 2019, Beyond Meat partnered with Subway to introduce Beyond Meatballs through the Beyond Meatball Marinara sub, marking the first appearance of this plant-based meatball alternative.
2019: Beyond Meat Discontinues Plant-Based Chicken Product
In 2019, Beyond Meat discontinued its original plant-based chicken product which had received mixed reviews.
2019: Beyond Meat Goes Public
Beyond Meat went public in 2019, becoming the first plant-based meat analogue company to go public.
September 2020: Beyond Meatballs Launch in Grocery Stores
In September 2020, Beyond Meat expanded the availability of its plant-based meatballs by launching Beyond Meatballs in select grocery stores across the U.S.
November 2020: Impact of COVID-19 on Sales and Shift in Focus
In November 2020, Beyond Meat announced a lower-than-expected sales growth due to the impact of COVID-19 on foodservice sales, leading to a shift in focus towards grocery, convenience stores, and other distribution channels.
November 2020: Collaboration with McDonald's for McPlant
In November 2020, Beyond Meat announced its collaboration with McDonald's to develop the McPlant, a plant-based patty and chicken substitute.
2020: E-commerce Site Launched
Beyond Meat launched its e-commerce platform to sell directly to consumers in 2020.
2020: Acquisition of Manufacturing Facility
In 2020, Beyond Meat acquired a manufacturing facility in Devault, Pennsylvania.
January 2021: Taco Bell Collaboration
Taco Bell announced a collaboration with Beyond Meat in January 2021, starting with tests and potentially leading to a permanent plant-based protein option on their menu.
January 2021: New Global Headquarters and Expanded R&D Campus
Beyond Meat announced in January 2021 the opening of a new global headquarters and an expanded R&D campus in El Segundo, CA, later that year. The new facility will accommodate a significantly larger R&D team.
January 2021: The PLANeT Partnership with PepsiCo
Beyond Meat and PepsiCo formed a joint venture called The PLANeT Partnership in January 2021 to develop and market plant-based snacks and beverages.
February 2021: Partnerships with McDonald's and Yum Brands
Beyond Meat partnered with McDonald's and Yum Brands in February 2021, aiming to introduce new plant-based options like the McPlant Burger and plant-protein toppings for pizza, chicken alternatives, and potential taco fillings for KFC, Taco Bell, and Pizza Hut.
February 2021: McPlant Testing Begins in Scandinavia
Testing of the McPlant began in Denmark and Sweden in February 2021.
June 2021: Beyond Meat's Market Cap Reaches $9.44 Billion
As of June 2021, Beyond Meat had a market cap of $9.44 billion.
September 2021: Beyond Meat Launches Vegan Chicken Tenders in Retail Stores
In September 2021, Beyond Meat expanded its product line by launching vegan chicken tenders in retail stores, including Walmart.
2021: Beyond Meat Expands UK Product Range with Beyond Mince
In 2021, Beyond Meat broadened its product offerings in the UK by introducing Beyond Mince, a plant-based alternative to ground meat.
2021: First End-to-End Manufacturing Facility Outside the US
Beyond Meat began full-scale production at its first "end-to-end manufacturing facility" outside of the United States, located in Jiaxing, Zhejiang, China, in 2021.
July 2022: McPlant Testing Ends in the US
McDonald's ended its testing of the McPlant burger in the US in July 2022 due to poor sales in 600 restaurants, although the product is available in several European countries.
September 2022: Stock Price Falls to All-Time Low
By September 2022, Beyond Meat's stock price fell to an all-time low, 93% lower than the July 2019 high and 74% lower than at the start of 2022.
October 2022: Workforce Reduction Announced
In October 2022, Beyond Meat announced a 19% workforce reduction, about 200 employees, due to declining revenues.
November 2023: Additional Layoffs After Declining Sales
In November 2023, Beyond Meat announced further layoffs following continued sales decline and a disappointing quarter, with sales dropping approximately 9% during Q3 2023.