Beyond Meat is launching a whole-muscle steak alternative in an effort to attract health-conscious consumers, according to reports.
The company, which already sells steak tips, will work with a restaurant chain known for serving healthier fare for the rollout - a reversal from previous campaigns with fast-food chains like Dunkin' and McDonald's, CNBC reported on Wednesday.
The new product will use mycelium, the rootlike part of fungi, to imitate the texture of a steak filet that CEO Ethan Brown sees as a protein substitute for chicken on salads and burritos.
"The focus on this has been a very small number of ingredients, very high protein, very low saturated fat," Brown told CNBC.
It's all part of a new strategy announced months ago that included cutting costs, increasing prices and discontinuing some products, the report said.
To boost sales, the company has emphasized the importance of eating a plant-based diet through partnerships with the American Cancer Society and online influencers.
It is also offering revamped versions of its Beyond Burger and Beyond Chicken with pared down ingredient lists to counter customers who thought its foods were over-processed.
In February, the company began using avocado oil in its burgers and beef to cut the saturated fat content, Yahoo Finance reported.
"I think we feel really good about where we are. We've been now public for over five years, and there was this tremendous growth in the category and then a contraction, and Beyond Meat continues to lead. And we think we're going to lead the next phase of growth for the category and for Beyond Meat," Brown told Yahoo Finance.
Beyond Meat's second-quarter sales fell nearly 9% from the prior year and plummeted 37% from its second quarter in 2021.
At one time, Beyond Meat's market value hit $14 billion, but that has fallen off to less than $400 million, CNBC said.
No launch date has been set.
