The alternative meat industry could be worth $40.5 billion in the next decade Bernstein said in a note on Tuesday.
If the alternative meat category follows a similar path to plant based beverages, like the rise in popularity of almond milk, the industry will boom, giving newly public companyBernstein said if Beyond Meat, known for its flagship produce the Beyond Burger, can secure a 5% market share, up from 2% today, this would imply sales of $2.0 billion in 2028. Beyond Meat's sales in 2018 were $88 million and in 2019 were $207 million.on the Nasdaq on May 2.
Bernstein's recommendation is the first rating for Beyond Meat by a major Wall Street firm. Bernstein initiated coverage of the alternative meat company as outperform with a target price of $81. Although currently unprofitable, Bernstein expects the profitability trend to improve in the next 3 to 5 years as the company gains scale. Bernstein applied a 7 times sales multiple to Beyond Meat's full year 2023 estimated sales and discounted it back at an 8.5% rate to reach its 1-year target price of $81.
Beyond Meat is not the only alternative-meat making competitor in the space. Impossible Foods is staking out its turf in the restaurant space and food giant's
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