Plant-based food maker Beyond Meat Inc BYND announced Monday the launch of two new versions of its burger that is designed to offer more choices to consumers.

What Happened: The new versions of Beyond Meat's burger includes the "juiciest patty" to date that delivers the "meatiest" experience compared to standard 80/20 ground beef. The second burger is marketed as containing 55% less saturated fat compared to an 80/20 ground beef blend.

Both burgers will offer the same "savory taste profile" with lower overall fat and calories compared to ground beef along with B vitamins and minerals.

Why It's Important: Beyond's improvements of its plant-based burgers are designed to keep up with consumers' shifting demand for alternatives to meat products that offer similar taste with a superior nutritional profile.

"I am immensely proud of our team's ability to make such strong advances in taste, juiciness and nutrition through our Rapid and Relentless Innovation program," Beyond Meat Founder and CEO Ethan Brown said in the press release. "Just as you can find different varieties of ground beef, consumers will now have more choice to satisfy their individual nutritional needs and preferences."

What's Next: Beyond will host an exclusive event showcasing its new products in Los Angeles from Nov. 18 to Nov. 20. with a targeted launch date in early 2021. Consumers and investors can follow along with updates from the event across Beyond Meat's social media channels.