Beyond Meat plant-based burger patties.
Source: Beyond Meat
Shares of Blue Apron jumped Tuesday after the meal kit provider said it will add Beyond Meat products to its menus in mid-August in its latest bid to get consumers to order its meals.
Blue Apron’s stock, which has a market value of $99.6 million, rose 6.4% during premarket trading. Last month, the struggling company split its stock in order to keep its stock price above $1 and avoid being delisted on the New York Stock Exchange.
The company has struggled to grow a loyal subscriber base and turned to partnerships with brick-and-mortar grocery stores and WW, formerly known as Weight Watchers, to revive its business. The addition of Beyond products follows the lead of restaurant chains like Carl’s Jr. and T.G.I. Friday’s. And while its WW partnership appeals to dieters looking for a convenient way to eat healthy, plant-based burgers have received mixed reviews from nutritionists.
Beyond’s meatless imitations of ground beef, sausage and other meat products are designed to appeal to people looking to reduce their meat intake. These so-called flexitarians are expected to help propel the global market for meat substitutes to $18.7 billion in sales by 2023, according to Euromonitor data.
Beyond Meat’s stock, which has surged 570% since its May initial public offering, was up 1.2% in premarket trading.