Beyond Meat is launching a steak substitute at more than 5,000 Kroger and Walmart stores, among other retailers and local grocers, the company announced.
The new product will roll out nationwide. According to the company the Beyond Steak uses faba bean protein as its base and contains 21 grams of protein per serving. The new steak substitute has lower saturated fat content than beef steak and contains no cholesterol.
The 10-ounce package will retail for $7.99.
The announcement comes as the maker of meat alternatives is facing turbulent weeks and ousted Chief Operating Officer Doug Ramsey after he was arrested for allegedly biting another man’s nose.
Last week the company also announced plans to cut 20% of its workforce as well as the departure of its chief financial officer and the elimination of the chief growth officer role.
This year, shares of the company have lost 80% of their value, shrinking its market value to $821 million. After peaking in July 2019 Beyond was valued at $13.4 billion.
Just last week the California based company announced it was on track to save $39 million over the next year and turn cash-flow positive by the second half of 2023.
More people eating at home due to the Covid pandemic benefited Beyond and other plant-based meat companies. The release of a new product is also expected to boost the company’s sales, driving new and returning customers.
Beyond and Yum Brands’ Taco Bell started testing meatless carne asada using its Beyond Steak product at restaurants in Dayton, Ohio.