Consumers shun plant-based meats as inflation hits wallets – The Average Joe
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    Consumers shun plant-based meats as inflation hits wallets

    victorlei

    September 19, 2022

    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.

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