Beyond Meat goes after the ‘Holy Grail’ of meat alternatives — a juicy whole-cut steak

Beyond Meat is the latest maker of plant-based meat substitutes to tap into the taste and texture of fermented mycelium roots — but this time, in a whole-muscle steak

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Published Sep 09, 2024  •  2 minute read

Beyond Meat is planning to launch a whole-muscle steak alternative that mimics the texture of a filet using mycelium. Photo by Angela Weiss/AFP via Getty Images

In a bid to appeal to health-conscious consumers, Beyond Meat is planning to launch a whole-muscle steak alternative using mycelium to mimic the taste and texture of a filet.

“Clean label” foods are rising to meet the demands of consumers seeking out minimally processed products with streamlined, recognizable ingredient lists. For many plant-based meat companies, fermented mycelium — a network of fungal threads from which fruiting bodies such as mushrooms can sprout — fits the bill.

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“Mycelium naturally contains many of the savoury and umami-enhancing compounds found in animal meat, unlike plant-based proteins,” food scientist, food industry consultant and author Bryan Quoc Le told The Food Institute in July, adding that mycelium also lends itself well to clean-label methods.

Beyond Meat’s CEO Ethan Brown told CNBC that the forthcoming whole-cut filet will likely roll out at an unspecified date in partnership with a “healthier” restaurant chain. He sees the steak standing in for chicken and being used to fill burritos and top salads. “The focus on this has been a very small number of ingredients, very high protein, very low saturated fat.”

A mycelium-based filet isn’t Beyond Meat’s only stab at steak. In 2022, Brown called Beyond Steak tips the company’s “first foray” toward a whole-muscle cut. “We finally got to the right product, but it wasn’t easy to do.” Made from wheat gluten and fava bean protein, Time magazine named it one of the year’s best inventions.

The Californian company launched its steak tips at major Canadian retailers in May. According to a Beyond Meat survey released at the same time, two-thirds of Canadians think steak is the most challenging meat to replicate in a plant-based alternative, and though 67 per cent of respondents said they were considering eating less red meat, almost half (49 per cent) would rather stay off social media for a month. Taste was a barrier, with one-third of those trying to eat less red meat saying they found plant-based protein alternatives lacking.

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Beyond Meat’s market capitalization fell from US$14.14 billion in 2019 to US$391 million in 2024, CNBC reports. Earlier this year, it announced a change in strategy, including new product formulations. It’s since started trimming ingredient lists, highlighting the health benefits of a plant-based diet in marketing, and partnering with organizations such as the American Cancer Society and college athlete influencers.

In April, the company launched the fourth generation of the Beyond Burger and Beyond Beef in grocery stores across the United States, featuring 60 per cent less saturated fat, 20 per cent less sodium, more protein (21 grams per serving) and a pared-back ingredient list.

The reformulated products have a higher price point, which Brown said will boost profitability. “We’ve obviously offered a somewhat more premium product as our lead product, and that’s generating the restoration of margins,” Brown told CNBC. “I think it’s clear messaging around health. So it’s not a direct route, it’s not linear, but we’ll get there.”

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