Move over, meat.
Ikea is beefing up the plant-based version of its signature Swedish meatballs — and announced the news the same day that meatless alternative brand Beyond Meat BYND, +1.58% went public with the biggest one-day pop for an IPO since 2000, nearly tripling its stock price.
See: Beyond Meat soars 163% in biggest-popping U.S. IPO since 2000
Ikea is as famous across the globe for its meatballs as it is for cheap cookware and minimalist furniture with quirky Swedish names. In fact, the company serves some 650 million diners globally a year, adding up to around $1.8 billion in sales in 2016. And almost one-third of Ikea customers say they actually go to the stores just to eat, not to shop.
See: What if you could bag Ikea meatballs without actually going to Ikea?
And while it has been serving vegan meatballs (called GRÖNSAKSBULLAR) mixed with chickpeas, green peas, corn and kale in U.S. stores since 2015, managing director of Ikea Food Services AB Michael La Cour revealed in a press release that the company is working with “leading industry suppliers” to craft a more realistic vegan meatball that even avowed animal-eaters will want to sink their teeth into.
“It is a really exciting industry! Looking at the quality of the products that we have been tasting I am looking forward to serving a delicious plant-based meatball made from alternative protein at IKEA. I hope that the many meatball lovers out there will like it as well,” La Cour wrote.
See: Beyond Meat CEO wants to make traditional protein from animals ‘obsolete’
“We know that the IKEA meatballs are loved by many people and for years the meatballs have been the most popular dish in our restaurants. We see a growing demand from our customers to have access to more sustainable food options and we want to meet that need,” he added. “Our ambition is to make healthier and more sustainable eating easy, desirable, and affordable, without compromising on taste and texture.”
just got an email that IKEA is now developing a falafel-looking "plant-based alternative meatball," so big day for vegans all around pic.twitter.com/MtebGv2Bs1
— Deena Shanker (@deenashanker) May 2, 2019
The company didn’t share more details about which plant-based proteins (or which alternative protein companies) it’s working with at this time. It plans to test the new vegan meatballs with shoppers beginning early next year, and to roll them out to Ikea in-store cafes across the globe afterward.
Ikea also added a vegan hot dog to its menus last year made with kale, red lentils, quinoa, onions and carrots. They sold one million of them in Europe in the first two months, according to Fast Company. And last month, European locations began dishing a dairy-free strawberry vegan soft-serve ice cream, which should also be spreading to international Ikea locations later this year.
Ikea
Ikea is rolling out new plant-based alternative protein meatballs.
It’s all part of the blooming plant-based “meat” trend, as one-third of all Americans (and 37% of millennials in particular) plan to eat more plant-based products over the next year, Mintel reports. So besides Ikea’s meatballs going meatless, Burger King will start flipping meatless Impossible Whoppers with Impossible Foods later this year, parent company Restaurant Brands International Inc. QSR, +1.69% confirmed. Burger chains White Castle and Carl’s Jr. have also begun grilling plant-based Impossible Foods patties for its burgers.
See: The meatless Whopper is just the beginning — get ready for vegetarian tuna, steak and eggs
Nestle NSRGY, +0.12% the world’s largest food company, announced last month that it’s debuting its own plant-based burgers across supermarkets in the U.S. and Europe later this year. And Tyson TSN, -0.04% America’s largest meat producer famous for its hot dogs, steak strips and chicken nuggets, will also soon offer vegan protein.
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