![]() ![]() In 2019, it became the first plant-based meat company to go public, and its products are now available at more than 190,000 locations in at least 75 countries. ![]() The news was followed by a flurry of media coverage, with some revisiting the theory that vegan alternatives are a “fad.” Beyond Meat, after all, has been a pioneer in the sector. “As we look to the future, we remain steadfast in our belief that plant-based meat, and Beyond Meat specifically, will play an important part of the global response to a climate crisis that appears to be rapidly intensifying, while also delivering health benefits to the individual consumer.” Is vegan meat becoming less popular?īeyond Meat Beyond Meat’s steak product, which has 21g of protein per serving “While we are reducing our full-year 2023 net revenues outlook, we nevertheless expect a modest return to year-over-year top-line growth in the third and fourth quarters of 2023, and, relative to the first half of 2023, a meaningful reduction in cash consumption and an increase in gross margin,” Brown said in a statement. The following morning, Beyond Meat’s stock dipped by more than 20 percent.ĬEO Ethan Brown, who founded the company back in 2009, said that although the turn in sales wasn’t anticipated, he has high hopes for the future of both Beyond Meat and the plant-based sector. And in the US, the largest economy in the world, Beyond saw year-on-year sales fall by 40 percent.īeyond also backpedaled on its previous goal of achieving positive cash flow (when a company is bringing in more than it’s spending), saying this is now “unlikely” to happen in 2023. Compared to the same period last year, revenue decreased from $147 million to $102.1 million. In it, the company revealed its net revenue dropped by 30.5 percent in the second quarter of this year (April to June inclusive). ![]() Others, however, say this is just the beginning for vegan meat alternatives.īeyond Meat - which produces plant-based beef, pork, and chicken - published its latest financial report on August 7. One of the largest players in the plant-based meat market has witnessed a significant dip in sales, fueling speculation that the vegan protein sector is on the way out. ![]()
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