Final answer:
The plant-based meat industry offers opportunities for Beyond Meat, but challenges like consumer meat preferences and entrenched dietary beliefs present hurdles. Research indicates no performance downside to plant-based diets, and changing attitudes toward sustainability and animal welfare may boost the plant-based market. Beyond Meat must innovate and market effectively to capitalize on these opportunities.
Step-by-step explanation:
The outlook for the plant-based meat substitute industry does present Beyond Meat with opportunities for competitive success and long-term profitability, but whether these opportunities are sufficiently attractive depends on several factors. One consideration is the persistence of the belief that meat is necessary for a healthy diet, particularly among athletes. This belief may slow the adoption of plant-based diets, as suggested by the research of Lynch et al. which found no significant disadvantages to plant-based diets concerning exercise performance.
Additionally, there's a strong preference for meat among consumers, which is highlighted by the study of Lusk and Norwood. This study found that meat is highly valued by consumers, indicating that Beyond Meat will face challenges in changing consumer eating habits. Nevertheless, the increasing interest in sustainability and animal welfare, as touched upon by Purdy, could drive consumer choice towards plant-based alternatives. Consequently, Beyond Meat will need to navigate these complex consumer attitudes and the relatively low proportion of vegetarians in the U.S. market to establish a secure industry position.
Meat consumption pleasure and the philosophical reasons behind veganism, as noted by Purdy, also play a significant role. Given these hurdles, Beyond Meat needs strategic marketing and product development to convince a broader audience that plant-based meats are an enjoyable and ethical alternative to traditional meats.