Beyond Meat Portfolio Investments, Beyond Meat Funds, Beyond Meat Exits (2024)

Chefs turn to fungi to plot future of plant-based menus

Sep 17, 2023

Mushrooms are known to add meatiness to meatless cooking, but now the rest of the fungi kingdom is getting a shot in restaurant and foodservice kitchens. By Patricia Cobe on Sep. 17, 2023Le Bernardin Chef Eric Ripert (far right) joined panelists (r.) to (l.) Stephany Burgos, SarahMarie Cole and Danielle Schwab to talk fungi at Plant Based World Expo. Remember portobello burgers? They were the first attempt by many restaurants at putting a meatless burger on the menu. And they were pretty good. But the selection of plant-based meat products has grown exponentially since those days, with companies like Beyond Meat and Impossible Foods leading the charge—however polarizing it might be. Recently, there’s been considerable consumer backlash against the processed meat analogs they produce, with a call to return to more natural alternatives. That backlash is making room for mushrooms and other fungi—not technically plants—to reign again as meatless options. Eric Ripert, chef and co-owner of Michelin-starred Le Bernardin in New York City, is a fungi fan, as he shared during a panel titled “Meat Mushrooms: Your New Center of the Plate Protein,” at the Plant Based World Expo held earlier this month at the Javits Center in New York City. Ripert incorporates fermented fungi into his upscale menu, which focuses primarily on seafood but includes a vegetarian tasting menu as an option. He’s consulting with a company called Nature’s Fynd, working with their teams to incorporate fermented and steamed fungi into menu items including saffron risotto, stuffed zucchini flowers and cheesecake. The product is made from Fy, a nutritional fungi protein, and has a cheese-like flavor and 50% protein composition. “You have to be more plant-forward than plant-based to move more people to the vegetable world,” said Ripert. “You have to educate subtly; if customers are curious, we’ll tell them more.”Stephany Burgos, executive culinary leader of Planta restaurants, a multi-unit plant-based concept , explores the many mushroom varieties for her menu, she said during the panel. “We’ve only scratched the surface on what we can do with mushrooms,” noted Burgos. “We prioritize the integrity of the ingredient … minimal manipulation, maximum mind blowing for customers.”At Planta, she uses techniques that coax out the flavor and natural umami of mushrooms, resulting in menu items like Bao Buns stuffed with brined, “chik’n fried” mushrooms, hoisin and pickled cucumber. Burgos also grinds mushrooms for plant-based Bolognese sauce, chops them to fill Spinach Shiitake Dumplings and grills meaty Lion’s Mane mushrooms for a center-of-the-plate entree. Fable Food takes a zero-waste approach to creating protein-rich mushroom products to stand up to meat in the center of the plate. “We upcycle shiitake mushroom stems into minimally processed meat substitutes,” said Danielle Schwab, business development manager for the company, during the panel. Food products made from mushrooms need some sort of binder to hold together, so Fable blends the shiitake stems with 3% soy, which boosts the protein to 14 grams per serving, said Schwab. “We lean into all the good qualities of mushrooms and let chefs take it the rest of the way,” she said. Earlier this year, high-end STK Steakhouse put Fable’s mushroom burger sliders on the menu in its 23 locations. Mycelium, the rootlike structure that supports mushroom growth, is also getting tapped as a meat substitute. Several companies, including Meati and MyForest Foods are transforming fermented mycelium into fungi-based steaks, chicken cutlets, bacon and more. Meati’s “chicken” cutlets are now offered at Denver-based quick-service chain Birdcall as a crispy fungi-based cutlet sandwich topped with kimchi slaw, cilantro and sriracha aioli. And Momof*cku chef-founder David Chang has recently teamed up with Meati as a culinary partner and educator. “The biggest challenge is what to call mushroom or fungi-based food products and menu items,” said Schwab. “Plant-based meat has such a negative image.”Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here .

In the realm of plant-based cuisine, the inclusion of fungi, particularly mushrooms, has been gaining traction. I've extensively explored the culinary applications and nutritional benefits of fungi, and the recent shift towards utilizing mushrooms in plant-based menus aligns with the evolving preferences of consumers seeking natural alternatives to processed meat analogs.

The article sheds light on the mushroom's rise in restaurant kitchens and its prominence in the plant-based movement. From Eric Ripert's incorporation of fermented fungi at Le Bernardin to Planta restaurants' exploration of various mushroom varieties, chefs are innovating to maximize the flavors and textures of mushrooms in diverse dishes.

Key concepts highlighted in the article include:

  1. Plant-Based Meat Evolution: The article touches upon the evolution of plant-based meat alternatives beyond portobello burgers, with companies like Beyond Meat and Impossible Foods leading the charge. However, there's been a backlash against heavily processed meat analogs, creating space for natural alternatives like mushrooms.

  2. Chef Innovation: Renowned chefs like Eric Ripert and Stephany Burgos are actively incorporating mushrooms into their upscale menus. Ripert's collaboration with Nature’s Fynd focuses on using fermented and steamed fungi in various dishes, showcasing the versatility of fungi proteins in creating flavorful dishes like saffron risotto and cheesecake.

  3. Mushroom Techniques: Burgos emphasizes minimal manipulation and maximum flavor extraction from mushrooms in Planta's menu. Techniques such as brining, grinding for Bolognese sauce, stuffing dumplings, and grilling lion's mane mushrooms showcase the diverse culinary applications of mushrooms.

  4. Mushroom-Based Products: Companies like Fable Food adopt a zero-waste approach, utilizing shiitake mushroom stems to create protein-rich meat substitutes. Their blends incorporate soy as a binder, providing 14 grams of protein per serving. Similarly, other companies like Meati and MyForest Foods transform fermented mycelium into various fungi-based products like steaks, chicken cutlets, and bacon.

  5. Consumer Perception: One challenge highlighted in the article is the negative image associated with the term "plant-based meat." Companies and chefs are grappling with naming these mushroom or fungi-based food products to avoid the stigma surrounding plant-based meat.

The article underscores a culinary shift towards a more natural and diverse approach to plant-based cuisine, leveraging the inherent qualities of mushrooms and other fungi for innovative, flavorful, and sustainable menu offerings.

Beyond Meat Portfolio Investments, Beyond Meat Funds, Beyond Meat Exits (2024)

FAQs

What is happening with Beyond Meat? ›

There are definitely good things going on at this food maker. But the bad news is still material, and that should worry investors. For example, despite the strength of the company's products in foreign markets, overall sales for Beyond Meat fell 7.8% in the final part of 2023. For the full year, sales were down by 18%.

What is the financial situation of Beyond Meat? ›

Net loss was $155.1 million in the fourth quarter of 2023 compared to net loss of $66.9 million in the year-ago period. Net loss per common share was $2.40 in the fourth quarter of 2023 compared to $1.05 in the year-ago period.

Who is the largest investor in Beyond Meat? ›

Parkwood LLC is Beyond Meat's largest institutional shareholder, owning 5.4 million shares worth around $57.3 million today. Vanguard finds itself second on this list, with just under 5.2 million shares of BYND stock worth $55.1 million.

Is Beyond Meat worth investing? ›

One stock that might be an intriguing choice for investors right now is Beyond Meat, Inc. BYND. This is because this security in the Food - Meat Products space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

Will Beyond Meat recover? ›

Indeed, sales volumes are down, and that's a metric that shareholders will want to see a recovery in for 2024. But that rebound could easily start soon given that volume declines slowed to 1.5% last quarter from 3% in the prior three-month period.

Why is Beyond Meat losing so much money? ›

The company is losing money even on a gross profit basis thanks to the combination of falling sales and declining prices. Net losses last quarter landed at $70 million compared to an over $100 million loss a year ago.

How much debt is Beyond Meat in? ›

Total debt on the balance sheet as of December 2023 : $1.21 B. According to Beyond Meat's latest financial reports the company's total debt is $1.21 B. A company's total debt is the sum of all current and non-current debts.

How much money has Beyond Meat lost? ›

For the last three months of 2023, the plant-based meat company reported $155 million in net losses, or $2.40 per share, from $73.7 million in net revenue. Sales declined 7.8% from a year earlier, but were higher than Wall Street had forecast.

Has Beyond Meat ever been profitable? ›

Key Points. The struggling maker of meat substitutes has never posted a full-year profit. Its revenue peaked a couple of years ago and has since been trending lower. Beyond Meat is likely to become a division of a larger consumer staples company.

How many employees does Beyond Meat have? ›

Beyond Meat had 787 employees on December 31, 2022. The number of employees decreased by 321 or -28.97% compared to the previous year.

What is the annual income of Beyond Meat? ›

Annual revenue
YearRevenueChange
2023 (TTM)$0.34 B-18.04%
2022$0.41 B-9.85%
2021$0.46 B14.24%
2020$0.40 B36.55%
2 more rows

Who owns the most shares of Beyond Meat? ›

Beyond Meat (NASDAQ: BYND) is owned by 46.44% institutional shareholders, 18.71% Beyond Meat insiders, and 34.85% retail investors. Kleiner Perkins Caufield Byers Xiv LLC is the largest individual Beyond Meat shareholder, owning 4.92M shares representing 7.61% of the company.

Who are the main investors of Beyond Meat? ›

Largest shareholders include Parkwood LLC, Vanguard Group Inc, BlackRock Inc., Wolverine Asset Management Llc, Whitebox Advisors Llc, Group One Trading, L.p., Susquehanna International Group, Llp, Susquehanna International Group, Llp, Morgan Stanley, and Two Sigma Investments, Lp . Beyond Meat, Inc.

Why has Beyond Meat stock crashed? ›

The company's stock has declined thanks to the combination of inflation, pandemic-related shifts in demand, and rising competition. Beyond Meat's stock remains under pressure as revenue continues to fall and solvency concerns persist.

Who is invested in Beyond Meat? ›

Beyond Meat is also backed by celebrity and athlete investors such as Leonardo DiCaprio, Jessica Chastain, Snoop Dogg, Liza Koshy, Chris Paul, Kyrie Irving, DeAndre Hopkins and others.

Is Beyond Meat losing popularity? ›

In the United States, Beyond Meat's sales fell 32% to $205.9 million from $304 million the year before. International sales rose 19.7% to $137.5 million from $114.9 million.

What are the health issues with Beyond Meat? ›

Downsides of plant-based meat alternatives

Some highly processed products, such as those from Beyond Meat and Impossible Burger, are just as high in total and saturated fat as their meat counterparts. The burgers even contain more sodium than a single beef patty, which may not support heart health ( 12 , 18 , 19 ).

Does Beyond Meat still exist? ›

You can find Beyond Meat products in over 190,000 grocery stores, restaurants, hotels, universities and beyond in over 80 countries worldwide! !

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