We begin coverage of Beyond Meat and assign a target fair value of $ 124 for the share. We believe in the ongoing trend in the artificial meat industry and believe that Beyond Meat has every reason to become the industry leader. We expect to see a steady increase in the share of plant-based meat in the total turnover of meat products in the long term, thanks to the evolution of artificial analogues that are becoming more comparable in taste, texture and appearance. It is also important to understand that changing consumer preferences across the generations and increased customer awareness of the adverse environmental impacts of animal meat production will further support the meat alternative sector. We project Beyond Meat's total revenue of $ 548.2 million in fiscal 2021 (market consensus $ 550 million), $ 797.3 million in fiscal 2022 ($ 834.4 million) and $ 1,560.5 million for fiscal 2026 ($ 1,930 million).
Beyond Meat, founded in 2009, offers a range of plant-based beef, pork, and poultry—building meat directly from plants to replicate the taste and texture, as well as other sensory attributes, of animal based products. The company’s primary production facilities are located in Columbia, Missouri, the Netherlands, and China; it also uses various co manufacturers around the world. Research & development, administrative, and corporate headquarters are located in El Segundo, California.