Consumers shun plant-based meats as inflation hits wallets

Plant-based meat alternatives have been one of the fastest-growing food trends in recent years. These meat substitutes have popped up everywhere, from McDonald’s and Popeyes to your local grocery aisles.

Inflation hits plant-based meat sales

Refrigerated plant-based meat sales fell 7.2% in the first quarter of 2022 from a year ago. A pound of Beyond Meat’s plant-based alternative cost $8.35 in June vs. $4.90 for regular ground beef.

Higher prices on plant-based meats make them more vulnerable to a squeeze on consumers (FT).

• Canadian food giant Maple Leaf Foods (TSE:MFI) said sales of its plant-based products fell 15%.
• Now they’re pulling back on their plant-based business by cutting advertising and promotions.

Maple Leaf still thinks plant-based alternatives can grow 10-15% a year after inflation falls.

The most prominent plant-based meat company

Beyond Meat (NASDAQ:BYND) hasn’t been eating their veggies — and is looking a bit malnourished:

• Sales fell 1.6% in the previous quarter compared to the same quarter last year.
• The company lost $332M on $463M in sales over the last 12 months.
• Its stock is down 73% this year.