A few weeks ago, there were rumors that the plant-based company Beyond Meat was planning to go public before the end of the year.
Well, these rumors ended up being true because last Friday, Beyond Meat filed an initial public offering for $100 million.
Beyond Meat reported $56.4 million in revenue for the first nine months of 2018, which is a 167 percent spike from last year.
"Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing and marketing initiatives," said the company in the filing.
The plant-based market is growing at a rapid rate as more consumers gravitate to a vegetarian or flexitarian lifestyle.
Plant-based consumption is up over 300 percent over the last year, according to our Foodable Labs data.
The Good Food Institute (GFI) has also released market data from Nielsen showing that the sales of this sector have recently exceeded $3.7 billion and that plant-based meat sales specifically have increased by 23 percent.
Beyond Meat was one the first companies to offer a vegan burger and quickly emerged as one of the biggest players in the plant-based protein market.
Besides being the first plant-based burger to be sold in the meat section at Whole Foods, the company has partnered with restaurants and food distributors across the country to get the Beyond Burger on more menus.
Beyond Meat has sold over 25 million veggie burgers that are "the closest thing to meat" ever created, boasts the company.
But the company has developed a product mimicking meat for a reason. Its target demographic aren't vegans and vegetarians, instead, it's flexitarians who may eat meat but choose not to often because of its environmental impact.
"Instead of marketing and merchandising The Beyond Burger to vegans and vegetarians (who represent less than 5% of the U.S. population), we request that the product be sold in the meat case at grocery retailers, where meat-loving consumers are accustomed to shopping for center-of-plate proteins," writes the company in the filing.
The Beyond Burger is now available in 11,000 grocery stores across the country.
Read more about Beyond Meat going public at "CNN."
Don’t miss The Barron Report episode below where Paul Barron goes into more detail about the plant-based company’s move to go public.