Fake meat falls on hard times
Updated 10 hours ago
Just a few years ago, plant-based meat was poised to become the next big thing. But instead of disrupting the meat industry, once-buzzy firms like Beyond Meat and Impossible Foods are struggling, Bloomberg writes. The main problem: Customers “eventually took a closer look at the ingredient list and couldn’t figure out whether they were actually trading up” to something healthier than real meat, especially considering the price premium. Only 38% of Americans say plant-based meats are healthy now, a 12% drop in just two years, Citi Global Insights reports.
- Beyond has had a particularly tough time, with its stock falling more than 90% from its 2019 peak. The firm’s market cap has dwindled from roughly $14 billion to $1 billion.
16h • 16 hours agoFollow
I’m really proud of our story on the fake meat flop that ran yesterday and will be on the cover of the forthcoming issue of Bloomberg Businessweek. A lot of people out there seem to think I haven’t covered or don’t know about the problems created by industrial agriculture. Guys, I’ve been covering it for nearly a decade!!
Here is a small smattering of some of that work:
There are major problems with the meat industry — but the plant-based analogues simply are not solving them.