Bless The Free Market: Experts Say Fake Meat Sales Are TANKING Because Of This...

The reason: consumers are having difficulty stomaching the plant-based product’s meat-like characteristics.

Two leaders in the industry, Beyond Meat, Inc. and Impossible Foods, are struggling to stay part of the businesses that provide food to consumers who prefer non-meat products. In 2022, The Blaze reports, the stock price for Beyond Meat nearly bit the dust in 2022, and employees took the hit with two rounds of layoffs at Impossible Foods.

What seems to be the leading issue attributed to the decline of consumer interest in the alternative to real meat is that plant-based products have become too realistic to their real meat counterparts. Consumers who want alternative choices for meat aren’t drawn to products that look, feel, taste, smell, and act like the real deal, according to the report from The Blaze.

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The National Post reports plant-based sales of meat substitutes in supermarkets are down by 14 percent over 52 weeks. In a cover story written by Deena Shanker headlined “Fake Meat Was Supposed to Save the World. It Became Just Another Fad, Shankar notes the peak time for plant-based foods was three years ago.”

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The author called the success of Beyond Meat Inc. in 2019, when the company went public, “the most successful initial public offering since the 2008 financial crisis.” Over 12 months, the share price for Beyond Meat Inc. significantly dropped from US$62 to US$16, which dropped its market capitalization to around US$1 billion.

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Adding to the slowdown in consumer interest in plant-based food products is reported by the National Post as “none of the biggest fast-food chains that had (once) announced partnerships with Beyond....have put a single permanent item on their U.S. menus."

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Although Impossible Foods Inc. is faring slightly better in the consumer market due to the addition of offering new products, the company’s value is estimated to be worth about half of what it once was.

Shankar’s conclusion of market experts is that the future of consumers wanting plant-based food products will continue based on those committed to vegan and vegetarian products.