Kellogg Goes After Beyond Meat
The meteoric rise of Beyond Meat (NASDAQ: BYND) stock this year doesn't make all that much sense. The imitation meat company is valued at roughly $10 billion, around 40 times its expected 2019 sales. That nosebleed valuation may not hold up as competition in the space intensifies.
Kellogg (NYSE: K), which already sells the No. 1 veggie burger in the U.S. under its MorningStar Farms brand, plans to go after Beyond Meat, Impossible Foods, and the rest of the plant-based meat alternatives market in 2020 with a new line of products. The new Incogmeato brand will feature plant-based burger patties, plant-based nuggets, and plant-based tenders.
Image source: Kellogg.
Source Fool.com
