Beyond Meat, Inc.

Beyond Meat benefits from brand recognition and retail distribution, plus a handful of QSR partnerships in Europe (for example McDonald’s McPlant menu items in select markets). However, it lacks network effects, switching costs are low, and product differentiation is narrow in an increasingly commoditized plant‑based category.

Animal protein remains a powerful substitute with cost advantages, while rival plant‑based brands and private label compete aggressively for shelf space. This leaves little room for durable pricing or share protection.

The company’s recent reformulation (Beyond IV) improves nutrition and simplifies ingredients, which could support brand equity incrementally, but this is not a structural moat. Category softness in the U.S. underscores the fragility of any advantage.

Overall we view the moat as weak and at risk of further erosion if taste/price parity vs meat does not materially improve.