Plant-based food maker Beyond Meat Inc (NASDAQ: BYND) has a "fighting chance" of winning over consumers as traditional beef prices surge higher, CEO Ethan Brown told CNBC's Jim Cramer in a Wednesday interview.
Gaining New Consumers
Just in time for barbecue season, Beyond Meat looks to take advantage of a "massive opportunity" by closing the price gap with traditional beef with its new value packs, Brown said.
The price of beef within the wholesale market stands at $4.10 a pound, but ends up much higher once it hits retail shelves.
The company will become aggressive in its pricing over the summer in hopes of becoming "relevant to the consumer" as the meat supply experiences some disruptions, the CEO said.
Beyond Meat's expectations is that consumers will realize its products are "much closer" to protein than many assume.
Cramer: 'I Might Go Vegan'
Commenting on his Wednesday interview, Cramer said Thursday morning on CNBC that he believes Beyond Meat faces a "monster" opportunity by gaining market share against beef, pork and chicken products. In fact, the protein disruptions due to COVID-19 is a way of telling consumers to "start eating plant-based."
"There is a glitch in eating protein," Cramer said. "And the glitch is it goes through an industrial cow. I used to have a Longhorn. I don't want anything going through that beast in my plate. I'm getting fed up myself. I might go vegan."
Granted, Cramer said he just ate a T-bone steak over the weekend and it "tasted pretty good." But moving forward, Cramer said he can "swear off meat" because he is tired of dealing with the uncertainty of "how much COVID" was in a meatpacking facility.
Beyond Meat shares were cooling off by 2.99% to $122.44 at the time of publication Thursday.
Photo courtesy of Beyond Meat.