Applying the VRIO framework to Beyond Meats, Inc. results in noting that there is a temporary competitive advantage with strengths and distinctive competence with the pea-based plant protein sourcing, manufacturing of their products, and focus for the company. To move to a sustained competitive advantage, they may need to diversify their sourcing out to include lab-grown meats once available to leverage their organization and R&D competencies to expand their reach to fulfill their non-animal-based protein vision.
The Question of Value - "Yes"
Yes; especially as they work to leverage changes in resource value through consumer tastes evolving more towards sustainable practices in their consumption habits - i.e., through products that match their views towards climate change, constraints on natural resources, animal welfare, and human welfare. Through their changing practices, whether going fully meatless or supplementing their diets with plant-based meals as evidenced by the increase in Meatless Mondays and growth of vegetarianism in the United States. The employees and research and development are also of high value to the firm.
Their strategic joint venture with PepsiCo, Inc., The PLANeT Partnership, that they are using to bring to mark new snack and beverage products made from their pea-proteins will also prove interesting.
The Question of Rarity - "Yes"
Although there are many competitors in the alternative meat industry (and not so many major players in the traditional meat industry), Beyond Meat differentiates itself in their core R&D capabilities; although lab-grown meats are a somewhat serious competitor in this market depending on the outcome of their efforts.
The Question of Inimitability - "No"
This question is a relatively easy "No" at this time as food products are not too hard to imitate - although one could make arguments around them being a leader, along with Impossible Foods, in the imitating of the traditional meat market. Imitation through "traditional" bean burgers or substitutes due to taste differences and level-of-caring for needing a replication of meat is easily leveraged by competitors and home cooks.
Beyond is also at cost disadvantage right now to traditional meat and other plant-based products that are less focused on imitating meat costing less than their product, although here they're working to get to market parity with traditional meat producers to remove that advantage. The availability of pea protein and other COVID-19/"Great Resignation" impacts (e.g., on their manufacturing staffing) also has driven the need to increase costs from both a supply and employee viewpoint.
The Question of Organization - "Maybe"
Beyond Meats has been actively restructuring its supply approach (https://investors.beyondmeat.com/static-files/a9b8ce18-9fe9-403c-a1cc-d01fbd6b4e92) due to supply issues over the past several years, notably in May 2017, where they were also sued over a breach of contract where they terminated an exclusivity agreement due to alleged non-performance. Over the last few years, Beyond Meats is working to strengthen their manufacturing arm; they currently have production facilities in Missouri and Pennsylvania and have made substantial investments in their manufacturing operations in China and the Netherlands over the past two years.