RTTNews | Apr 27, 2021 01:34PM EDT

13:34 Tuesday, April 27, 2021 (RTTNews.com) - Beyond Meat Inc. (BYND), a producer of plant-based meat substitutes, said on Tuesday that its latest version of meat-free burger patties will be made available in grocery stores from next week.

The company plans to sell the new version of the burger patties in its first value four-pack, priced at $9.99. Customers can buy the Beyond Burger 3.0 in grocery stores from May 3. The burger patties will be available in restaurants from June onwards.

Beyond Meat said that the new Beyond Burger has 35 percent less total fat than 80/20 ground beef and 35 percent less saturated fat then 80/20 ground beef. It consists of fewer calories and no cholesterol compared to 80/20 ground beef, the company added.

The company's long-term plans are to inspire meat-loving people to try out their products and this includes reaching price parity with traditional beef by the year 2024.

Beyond's strategy to encourage meat-lovers to switch to its products includes achieving price parity with beef by 2024.

The four-piece pack has been priced at $9.99 with the average advertised price for a pound of beef patties, or four burgers, was $2.93 in the week, as per U.S. Department of Agriculture data.

The new version burgers will be available in a two-pack and a 1-pound Beyond Beef pack as well.

Commenting on the new product, Chuck Muth, Chief Growth Officer, said, "Improving its meat alternatives helps the company hold onto its market share, even as more competitors offer meatless burgers."

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