What’s going on here?

Beyond Meat has landed another partnership. HelloFresh will start offering the Beyond Burger in its U.S. meal kits. The vegan burger has been on the Berlin-based company’s menus in Canada.

Its U.S.-based competitor Blue Apron announced last month its own partnership with Beyond Meat, sending its shares surging. In June, Blue Apron completed a reverse stock split in order to keep its stock price above $1 and avoid being delisted.

While Blue Apron has struggled to cope with disloyal subscribers and competition from newer meal kit companies, HelloFresh reported its first profitable quarter since going public. Its international business has been profitable for the last two years.

HelloFresh CEO and co-founder chalk the company’s success up to its understanding of its customers. That includes the meatless meat trend, led by Beyond and its rival Impossible Foods.

Looking bigger

Flexitarians — people who are looking to reduce their meat intake — are driving the plant-based meat trend. The NPD Group found that 95% of buyers of vegan burgers also bought beef burgers in the last year. The market for meat substitutes is expected to hit $2.5 billion by 2023.

Investor enthusiasm for Beyond’s potential to capitalize on the trend has driven the stock price up 480% since its IPO. Beyond shares jumped 2% during morning trading Monday. The company holds 2.1% of the market share for meat substitutes. In recent weeks, however, the stock has tumbled following a secondary share offering and a broader market sell-off.

Content source: Lucas. A. (2019) Beyond Meat’s vegan burger is heading to HelloFresh meal kits. CNBC. Available from: https://www.cnbc.com/2019/08/19/beyond-meats-vegan-burger-is-heading-to-hellofresh-meal-kits.html [Accessed 20 August, 2019]