Beyond Meat SWOT Analysis
Beyond Meat heavily relies on soy and pea protein. SWOT analysis of Beyond Meat by EdrawMax analyzes the leading food processing brand by strengths, weaknesses, opportunities & threats.
SWOT analysis is a management tool widely used to determine a firm's internal conditions that helped them achieve its present status. Beyond Meat is one of the top food processor companies known for their vegan food alternatives. They have a massive customer base in the USA. They have achieved phenomenal success within a decade.
The Beyond Meat SWOT analysis can give an insight into the strengths and weaknesses responsible for the present status of their business. SWOT analysis of Beyond Meat can determine its future potential. In this article, to understand the importance of SWOT analysis, we will help you create a SWOT analysis using the free templates and components by EdrawMax Online.
2. About Beyond Meat
2.1 Introduction of Beyond Meat
The vegan diet is getting popular across the globe as many people are standing against animal cruelty. Beyond Meat is one of the leading food processing brands that have come up with meat alternatives for vegetarians and vegans. The brand started its journey in 2009 and has released multiple non-GMO plant-based products. They have produced exact replicas of animal-based meat, which made them popular with the customers.
The food processing market is competitive, and new players are entering the space now and then. Beyond Meat has profitably created a loyal customer base with its quality products and efficient service. Their positive brand image has allowed them to retain their customers. Beyond Meat, SWOT analysis can show the conditions that favored or hindered their growth. For a thorough Beyond Meat SWOT analysis, it is a must to look at the company's basic details.
2.2 Overview of Beyond Meat
|Name||Beyond Meat, Inc|
|Industries served:||Food Processing|
|Geographical areas served:||United States, North America, UK|
|Headquarters:||El Segundo, California, United States|
|Current CEO:||Ethan Brown|
|Revenue (US$):||284.5 million (2020 Dec)|
|Profit (US$):||25.5 million ( 2020 Dec)|
|Employees:||472 (in 2020)|
|Main competitors:||Impossible Foods, Nestle, Eat JUST, Hormel Foods|
2.3 History of Beyond Meat
|2009||Beyond Meat is founded by Ethan Brown.|
|2012||First product launch as a chicken alternative.|
|2014||They announced to release beef burger alternative in by 2015.|
|2016||Beyond Meat receives venture funding and gets backed up by celebrity investors.|
|2017||Alternative of pork sausage released by the company.|
|2018||Beyond Meat opens 26,000 square feet R&D lab, and multiple manufacturing facilities in the US.|
|2019||The brand launches Beyond Meatballs which is introduced at subway.|
|2019||Beyond Meat went public.|
|2020||Beyond Meat launched an e-commerce site to deliver products directly to customers.|
|2021||Beyond Meat expanded in UK.|
|2021||Partnership with Taco Bell, McDonald's.|
3. SWOT Analysis of Beyond Meat in detail
- Nutritious products: Beyond Meat offers plant-based meat substitutes consisting of peas and beans. Vegan meat utilizes natural plant protein and soy instead of genetically modified products. Thus, many customers choose Beyond Meat over other vegan meat producers or even animal meat sellers.
- Replica of Meat: As more people are interested in going vegan, the demand for meat substitutes is increasing. The meat substitutes that look and taste similar to the actual animal-based product and have the same flavor and texture are high in demand. Beyond Meat has met the requirement with the help of its R&D department. It has helped them garner a massive number of customers.
- Replica of Meat: Beyond Meat has successfully created a positive brand image by offering high-quality products. Their efforts to achieve customer satisfaction have added to their positive image. The company has successfully reached a large number of audiences which has increased its brand recognition.
- Partnership: The company has also considered partnerships with retail and restaurant chains to reach maximum customers. They have worked with reputed brands like KFC, McDonald's, Taco Bell, etcetera. It has provided them with the opportunity to reach more potential customers. These partnerships have also improved their brand recognition.
- Lack of technological infrastructure: The company has a strong presence in the US market, but technical infrastructure and resource lack hinder its growth. It may increase their cost and prevent them from having a smooth supply and delivery process.
- Limited variety: Beyond Meat has only a scarce product diversity. Therefore, it can be a significant drawback for the company. This lack of variety prevents them from reaching a maximum number of customers looking for vegan substitutes for other animal-based products. They are yet to release alternatives of seafood and lamb meat.
- Lack of presence in the global market: The company has a positive brand image in the US market and secured a loyal customer base. But, they have failed to create a prominent presence in the global processed food market. It can be a massive hindrance if they plan to expand their business.
- Rising Health Concern: Though Beyond Meat creates their meat from plant-based items, to get the juicy texture and flavor of the original animal-based product, they use coconut oil, which has saturated fat. As saturated fat can be a reason for cardiovascular disease, many people may feel reluctant to choose Beyond Meat.
- Investment in Technology: To maintain its position in the processed food market, Beyond Meat must invest in its technological infrastructure. They can use automation to decrease costs and wastage. It will also streamline their supply and delivery chains, improving their quality of service.
- Work on R&D: Beyond Meat can ensure its growth by bringing new varieties to the market. They can do thorough market research to understand the needs of their target audience. Then they can work on their R&D to develop the products that will allow them to have more customers. For example, some customers want vegan alternatives to seafood and lamb meat.
- Expand with emerging markets: The demand for plant-based meat alternatives is growing globally. However, Beyond Meat is very much dependent on the few regions for generating a significant part of its revenue. It makes them vulnerable to the economic conditions of these countries. They can target emerging markets in Asia and Africa for business expansion.
- Maintaining the health policy: As the brand is interested in providing healthy meat alternatives, it must follow the health policies regarding food safety. They can work on replacing coconut oil with other fat-based substances that can be less harmful to consumers' health.
- Stereotype regarding plant proteins: Many customers feel reluctant to switch to plant-based meat alternatives because of the stereotype that animal-based protein is superior. It is one of the threats that Beyond Meat faces.
- Competitive market: The food processing market is very competitive. With the increasing demand for vegan food, many companies are coming up with multiple gluten-free plant-based non-GMO products. It can be a threat to the business of Beyond Meat and can slow down its growth.
- Political conditions: Nation's political instability can disrupt the supply chain and export-import. It may increase their production cost and wastage.
- Economic crisis: The global economy is still recovering. Therefore, conditions like recession and inflation can impact people's buying habits. Many customers may temporarily decrease their frequency of plant-based meat consumption, considering their necessary expenses.
Beyond Meat's SWOT Analysis Diagram
As you have seen here, the organization's SWOT analysis helps us understand its multiple opportunities and threats and how it can utilize its strengths and overcome its weaknesses. In order to understand the SWOT analysis better, we will create a Beyond Meat SWOT analysis diagram using the free templates and components offered by EdrawMax.
4. Free SWOT Analysis Diagram Creator
Now that you have seen how easy it is to understand the SWOT of any company, let us check out some of the cool features of using the free SWOT analysis diagram software.
- With this free SWOT analysis creator, you can share your diagrams on social media platforms like Facebook, Twitter, Pinterest, and Line.
- In EdrawMax, you get access to the template community that has user-generated templates.
- EdrawMax comes with built-in symbols that help in creating wonderful diagrams.
- This free SWOT analysis creator comes for Windows, macOS, Linux, and web (EdrawMax Online).
- In EdrawMax, all information and file transfers are safeguarded with the highest level of SSL encryption.
- This free SWOT analysis creator now supports the frosted glass effect, where the user can also adjust the transparency.
5. Key Takeaways
Beyond Meat has already created a robust presence on the market. However, to grow, they must consider strategizing their R&D and plan their expansion based on market research. They can work on using advanced technology to provide customer support and streamline their business. It can decrease the production cost increasing their profit margin. They can consider expanding in countries with emerging economies to see a rise in sales.
EdrawMax is the best SWOT analysis creator in 2022. From free templates to components, EdrawMax offers a wide range of options that ease your efforts in making great SWOT analysis diagrams. Download EdrawMax today and create some amazing SWOT analysis diagrams for your organization or company. You can further check out EdrawMax Online, which offers you several remote functionalities of this diagramming tool, like access to private cloud storage and more.
Bhilwarawala, M., 2022. Beyond Meat SWOT & PESTLE Analysis - SWOT & PESTLE.com., [online]. SWOT & PESTLE.com. Available at: https://www.swotandpestle.com/beyond-meat/ (Accessed 6 September 2022).
Dane, K., 2022. Beyond Meat SWOT Analysis 2022 - Beyond Meat, Inc - Business SWOT Analysis., [online]. Beyond Meat SWOT Analysis 2022 - Beyond Meat, Inc - Business SWOT Analysis. https://bswotanalysis.com/beyond-meat-swot-analysis/ (Accessed 6 September 2022).