(Daniel Acker/Bloomberg)California-based Beyond Meat skyrocketed in first-day trading, chalking up one of the best market debuts in an IPO-heavy year. The maker of plant-based beef and pork substitutes opened Thursday on the Nasdaq stock market at $46, after pricing its shares at $25. Beyond Meat represents a food version of alternative energy, with traditional meat companies such as Tyson Foods hedging its bets as consumer demand grows for more healthful, plant-based alternatives to meat protein. Pea protein is the main ingredient of Beyond Meat products, which are designed to replicate the taste and texture of animal-based foods. Beyond Meat also faces competition from other plant-based companies like Impossible Foods, which is partnering with Burger King, and those developing meat products from animal cells, like Memphis Meats.

Source: Washington Post May 02, 2019 15:45 UTC