Beyond Profit: Fake Meat Companies Going Broke

[Bill]

https://www.zerohedge.com/commoditie...20-staff-fired

Fake Meat Fail: Sales Collapse At Beyond Meat, Impossible Foods As 20% Of Staff Laid Off

by Tyler Durden
Sunday, Feb 05, 2023 - 04:45 PM

The fake meat industry appears to be in a death-spiral as sales at plant-based 'meat' companies Impossible Foods and Beyond Meat have imploded.

As Axios reports, "after years of hype, the tide is turning against the first generation of plant-based protein makers."

Last year, both companies were riding high - with prime placement on supermarket shelves, and Burger King even adding an Impossible Whopper to its menu.

Impossible Meat even began to branch out - looking to expand offerings to highly processed meats such as chicken nuggets and sausages.

Sales have collapsed, however, which according to a recent Bloomberg report, has resulted in Impossible Foods planning to lay off around 20% of its workers.

Impossible Foods Inc., the maker of meatless burgers and sausages, is preparing to cut about 20% of its staff, according to a person familiar with the matter.

The Redwood City, California-based company currently employs about 700 workers. The new round of dismissals could reduce that amount by more than 100.

Impossible Foods also offered voluntary separation payments and benefits to employees at the end of 2022, said the person, who asked not to be named discussing private information. An internal document viewed by Bloomberg confirmed the separation packages being offered. The company previously reduced headcount in October, cutting about 6% of its workforce at the time. -Bloomberg

Beyond Meat's sales fell over 22% in the third quarter of 2022, as the company is preparing to similarly cut 20% of its workers. The company has also lost several executives.

According to the report, supermarket sales fell by 15% y/y as of Jan. 1, according to market-research firm IRI, while orders in restaurants dropped 9% in the12 months ended in November, according to NPD Group.

Meanwhile, data from consumer-experience strategy firm HundredX suggests waning interest in general - as the percentage of shoppers polled who have eaten Impossible products and say they won't do it again has risen.

Beyond Meat stock is also down around 67% vs. one year ago.

[JRD77VET]

Good, it wasn't real food anyway.

My food eats grass, it isn't made from it.

[Yadkin]

They priced their product 20% more than beef, and kept going as beef prices rose with bidenflation. People eventfully saw the hype.

[CurtP]

Good.

[Blademaker]

Originally Posted by JRD77VET

Good, it wasn't real food anyway.

My food eats grass, it isn't made from it.

THIS

[Mike Mercury]

they will be offered federal help if willing to fill out crates of mail-in ballots.

[Bruze]

Originally Posted by bill_daniels

https://www.zerohedge.com/commoditie...20-staff-fired

Fake Meat Fail: Sales Collapse At Beyond Meat, Impossible Foods As 20% Of Staff Laid Off

by Tyler Durden
Sunday, Feb 05, 2023 - 04:45 PM

The fake meat industry appears to be in a death-spiral as sales at plant-based 'meat' companies Impossible Foods and Beyond Meat have imploded.

FWIW, I had a lamb shoulder steak for supper tonight.

[Patsgarage]

My food craps on their food.

[Aerovette]

Once the government demands that all restaurants offer a meat alternative as 25% of their entrees, it will pick up again.

[Bruze]

Originally Posted by JRD77VET

Good, it wasn't real food anyway.

My food eats grass, it isn't made from it.

Skip forward to 2:50:

https://www.youtube.com/watch?v=Rggbhke9jRg

[Louie Detroit]

What kind of mastermind would've thought you could make a sustainable business model with weird veggie ****s who hate meat buying food which kinda tastes like meat?

[the new me]

Best news I've heard all day.

Even the rare ribeye I'm currently digesting is glad to hear this.

[86RAG]

Originally Posted by aerovette

Once the government demands that all restaurants offer a meat alternative as 25% of their entrees, it will pick up again.

They can demand it be on the menu, but not many will order it. Fake meat will still fail.

[Tikiman]

Never tried it. Zero desire to do so.

[Don Rickles]

Fake burger's better than the veal chop I had....

[Frankie the Fink]

If I "transitioned" to an electric vehicle and ate fake meat but kept my male gender, would you guys still talk to me ?

[Aerovette]

Originally Posted by Frankie the Fink

If I "transitioned" to an electric vehicle and ate fake meat but kept my male gender, would you guys still talk to me ?

The first two, would make the third impossible to do.

[Aerovette]

Originally Posted by 86RAG

They can demand it be on the menu, but not many will order it. Fake meat will still fail.

Nope. It will be like electric cars and gas prices.

T-Bone steak - $275.00

Feaux-Bone steak - $15.00

[Bill]

Originally Posted by 86RAG

They can demand it be on the menu, but not many will order it. Fake meat will still fail.

Solution: Demand fake meat be blended with real meat. It's how we got 10% corn squeezin's in our gasoline.

Don't think your occupied government isn't trying to work out how to do this right now.

[Aerovette]

We'll all be eating dog food soon. We just won't know it.