Beyond Meat (NASDAQ:BYND) is in the news Monday after announcing a deal to bring its plant-based products to China that sent BYND stock higher.
The deal has Beyond Meat teaming up with Sinodis, a food distribution company, to bring its products to China. This expands on previous deals that have the company introducing its products to the country in an effort to expand its business.
Sinodis serves roughly 4,500 locations in China. That includes wholesale retailers, restaurants, and hotels. With that kind of reach at its fingertips, it’s no surprise that the Beyond Meat news today has BYND stock on the rise, reports TheStreet.com.
Keeping all of this in mind, it begs the question of if BYND stock is worth investing in. InvestorPlace’s own David Moadel believes that there’s plenty of room for growth and Beyond Meat may be ready to capitalize on it.
Tony Olson, CEO of digital data company Spins, recently said this about plant-based offerings.
“Our data shows, the plant-based meat boom of last year continues and as reports of animal-based meat shortages increase, we can expect plant-based meat to gain even more traction.”
While it’s unlikely that most customers will ever fully switch away from real meat, that’s not what matters. All Beyond Meat has to do is ride changing consumer preferences to consume plant-based alternatives occasionally. Doing so could see its adoption into more menus outside of those for vegans and vegetarians.
BYND stock was up 21.1% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
