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
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.