"Just a few years ago, with a blockbuster initial public offering from Beyond Meat Inc. and the unveiling of an Impossible Whopper at Burger King locations nationwide, plant-based meats were ascendant.
"Now, after once enjoying double-digit growth, sales in the plant-based meat category are not just flat but declining, according to data from Information Resources Inc."
There may be a few things going on.
There's saturation of the market. There are high prices. And, there seems to be a "decline in the belief that plant-based meat is healthier and more environmentally sustainable than meat from animals. (While the environmental credentials of plant-based products compared to their meatier counterparts are well established, the health claims are not.)"
And finally, the folks at Deloitte Consulting suspect that "the addressable market may be more limited than previously thought with a growing cultural resistance to its 'woke' status — even among those seeking to reduce red meat consumption. Case in point: When Cracker Barrel announced plans to add Impossible Foods’ sausage to its menu over the summer, it faced an onslaught of criticism on social media."
- KC's View:
I don't even know how to respond to this story. Except to say: