Beyond Meat bets on Europe and Canada to recover growth

Beyond Meat is shifting its growth strategy toward Europe and Canada after another quarter marked by declining sales in the United States, where demand for plant-based meat products continues to face pressure. According to AgFunderNews, the company reported that international retail growth partially offset weaker performance in its core US business during the second quarter of 2026.

The company recorded net revenues of $68.8 million in Q2 2026, representing an 8.2% year-over-year decline, while total volumes fell 9.5%. Despite the overall drop, Beyond Meat highlighted stronger results in international markets, especially in Europe and Canada, where retail sales increased by double digits compared with the previous year.

“Our core plant-based meat business continues to face pressure in US retail and foodservice and in global foodservice consistent with category trends,” Beyond Meat CEO Ethan Brown told analysts during the company’s earnings call, according to AgFunderNews.

The executive explained that the company is seeing better performance in several European markets, including Germany, the United Kingdom and the Netherlands, and plans to continue investing in the region.

“We are seeing some signs of stabilization in certain pockets of US retail, with our core burger, ground beef, and dinner sausage products demonstrating resiliency in specific, though certainly not all, accounts,” Brown said.

The company’s international retail business became one of the main positive points of the quarter. Revenue from international retail increased 16.5% year over year to $18.5 million, while volumes grew 8.2%.

In contrast, the US market remained challenging. US retail revenue declined 9.9% to $29.6 million, while US foodservice revenue dropped 27.6% to $8 million.

Beyond Meat said its future strategy will focus on three main areas: strengthening its presence in Europe and Canada, stabilizing its US business and expanding into new categories beyond traditional plant-based meat.

One of the company’s latest launches is Beyond Steak Filet, a product made with wheat gluten and faba bean protein that contains 28 grams of protein. The product debuted at retailers such as Wegmans and H-E-B in July, with additional distribution expected.

The company is also entering the beverage category with new plant-based nutrition products, including sparkling protein beverages promoted through a campaign featuring basketball player Josh Hart.

Beyond Meat’s CEO said the company wants to rebuild consumer interest by expanding its product portfolio and focusing on convenience, nutrition and functionality.

“You will also see us return to a playbook that we used extensively while building our business, [deploying] athletes [such as basketball player Josh Hart] who understand the superpowers of plants and what they can do to build, fuel, and restore the body,” Brown said.

The company also announced leadership changes aimed at supporting international expansion. Adriaan Figee, a longtime partner of Brown, was appointed to lead the company’s European operations, while Brijesh Krishnaswamy, an executive from Olam Food Ingredients, is expected to join Beyond Meat as chief operating officer.

Beyond Meat ended the quarter with $186.1 million in cash and $323.8 million in debt, including recently restructured convertible notes due in 2030.

The company reported a net income of $16.4 million in the second quarter, compared with a loss of $31.8 million during the same period in 2025. The improvement was mainly linked to a non-cash gain from the conversion of some convertible notes.

Looking ahead, Beyond Meat expects third-quarter 2026 revenues between $60 million and $65 million. The company believes international expansion, new product categories and operational improvements will be key factors in returning to sustainable growth.