Beyond Meat, Inc. (BYND) saw its stock price surge 7.57% in pre-market and intraday trading on Thursday, following an optimistic industry outlook for the plant-based meat segment.

The rally was fueled by a Zacks Equity Research report that highlighted the rising consumer demand for protein-rich and sustainable food products. The report stated that companies offering plant-based meat alternatives, such as Beyond Meat, are well-positioned for growth as they cater to the shifting consumer preferences towards healthier and ethically produced foods.

According to the report, Beyond Meat's strategic initiatives, including expanding its product offerings and distribution network, along with its focus on innovation, have positioned the company for future success in the rapidly growing plant-based meat market. The report also noted that favorable industry dynamics and a broadened product portfolio bode well for Beyond Meat's prospects.