Beyond Meat sales slumped because people are eating less fake meat, and the company says it gets why
Beyond Meat's sales slumped at the end of 2022 as consumers turned away from plant-based meat substitutes., or 20.6%, in the quarter to December 31 year-over-year. The company said it sold around 3,300 fewer pounds of its fake meat products over the time period, a drop of about 17%.
Despite the huge slump in sales, Beyond – which sells products including fake jerky, chicken, and sausage –"It seems reasonable that consumers may retreat from protein that can be 2x the price of its animal-based equivalent during periods of intense inflation and reduced buying power, and that a reduction in price given this dynamic would spur increased consumption," Brown said.
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