Following the launch of vegan Beyond Meat at A&W Canada last summer, the restaurant quickly sold out of the popular meaty vegan burgers, and new figures help explain why.
In July, fast food chain A&W Canada sold out of its vegan Beyond Burgers at more than 900 locations nationwide within weeks of launching, and it was October 1st before the restaurant was able to restock its kitchens with the food.
Apparently, 90,000 plant-based burgers were sold within the first 3 days of the launch, according to Beyond Meat’s updated preliminary prospectus filed last week, in preparation for going public.
The prospectus also revealed that the company went from $16.2 million in net revenues in 2016 to a staggering $88 million in 2018.
In the documents, Beyond Meat credits its success to creating a product that “is designed to look, cook, and taste like traditional ground beef,” thereby drawing in not only vegan consumers but those who eat meat as well.
According to company CEO Ethan Brown, 93% of people who purchased the Beyond Burger at Kroger grocery stores also bought meat.
The Beyond Burger is created by scientists who analyze meat on a molecular level and find plants to replicate the taste and texture, while delivering similar or superior nutrition to animal-based meat.
Beyond Burgers are made with pea protein but Brown recently stated that the company plans to use funds raised in an IPO to help the brand make Beyond Meat products more affordable than animal-derived meat.
Beyond Meat is set to become the first vegan meat company to be listed on NASDAQ.