Specialist
Former SVP at Impossible Foods Inc
Agenda
- Consumer preferences – health vs environmental considerations
- TAM and category growth trends
- Competitive dynamics – Beyond Meat (NASDAQ: BYND) vs Impossible Foods and other emerging brands
- Volume and pricing trends across channels
- Beyond Meat's growth strategy and potential
Questions
1.
What is your high-level view of the plant-based meat industry? Which key trends and themes do you think we should be monitoring when evaluating the space and how it evolves?
2.
What do you think is more important when evaluating growth for the brands Beyond Meat, Impossible Foods, etc? Market growth overall or the competitive position of individual companies?
3.
What market growth rates do you expect over the next 3-5 years? The plant-based meat category was somewhere around USD 800m, as of April – a little out of date but how might the number develop?
4.
Could you tell us about the product formulations for pork, chicken, etc – what is available now and what needs innovation?
5.
To what extent do you think growth will come from the existing consumer-based spending more on different proteins vs new customers for plant-based meats?
6.
For the total market on a five-year timeline, you said two times the current size it is on the low end. What do you think is the best-case scenario there?
7.
You compared the category in a growth sense to energy drinks. If factoring in more generalised consumer behaviour, health trends, etc, what do you think is a fair analogue – gluten-free or fake dairies, etc?
8.
How might pricing develop? To what extent do you expect downwards pressure on pricing, especially if you anticipate commoditisation of the product. How far might pricing going down?
9.
How are you assessing the margin for plant-based vs the traditional offering at food service and at retail?
10.
Who of the various parties – the branded CPGs or the Impossibles or private label manufacturers – is most likely to actually do the manufacturing of the private label products?
11.
You mentioned the health aspect as one of the key growth drivers. Do you think this is the main driver of the industry growth?
12.
If 40% of the people consuming plant-based meats are doing so for health benefits – as indicated by a recent journal article – is it possible that with the customer becoming more educated, the 40% of the demand eventually disappears?
13.
When thinking about food service vs retail for the manufacturers, what kind of growth rates would you ascribe to each going forward? Which is more important and why?
14.
What is involved when thinking about the food service channels and negotiations between the brands and restaurants, QSRs, etc? What are the typical contract negotiations and terms of duration?
15.
What does the sales funnel look like in terms of number of customers go from booking to closing stage?
16.
I sense that most of the plant-based meats offering in food service has been QSR. What do you think about the penetration of plant-based options within casual dining and how it could evolve?
17.
What are your thoughts on Beyond's partnership with McDonald's in Canada? What is the likelihood that they expand that partnership into the US?
18.
Thinking about the competition between Impossible, Beyond and the other offerings in general, how do you think each of the companies, names, brands stack up on product pricing, marketing, distribution, etc?
19.
Impossible leans on the heme-based fake blood, etc. Do you think that's a good differentiator for them, and if not, is there anything that really does differentiate these products in the eyes of the consumer at all?
20.
What are your thoughts on the supply chain for plant-based meat products? Considering the different processes, is there any difference in product availability or potential capacity constraints to be aware of?
21.
We've talked through product, branding, distribution and go-to-market strategy here. Is there anything else to monitor in terms of market share and what might drive wins and losses for companies? Or anything overall to highlight as important?
22.
We have mostly discussed on a five-year timeline, so what are your thoughts on the category as a whole and for Beyond Meat over the next 12-18 months? What could be a best- and worst-case scenario?
Gain access to Premium Content
Submit your details to access up to 5 Forum Transcripts or to request a complimentary 48 hour week trial
The information, material and content contained in this transcript (“Content”) is for information purposes only and does not constitute advice of any type or a trade recommendation and should not form the basis of any investment decision.This transcript has been edited by Third Bridge for ease of reading. Third Bridge Group Limited and its affiliates (together “Third Bridge”) make no representation and accept no liability for the Contentor for any errors, omissions or inaccuracies in respect of it. The views of the specialist expressed in the Content are those of the specialist and they are not endorsed by, nor do they represent the opinion of, Third Bridge. Third Bridge reserves all copyright, intellectual and other property rights in the Content. Any modification, reformatting, copying, displaying, distributing, transmitting, publishing, licensing, creating derivative works from, transferring or selling any Content is strictly prohibited
