Beyond meat, an impossible struggle due to a “woke” perception: analysts


Alternative protein brands such as Beyond Meat and Impossible Foods are in the midst of a sales slump – and some analysts say a ‘woke’ image with consumers alongside high prices is to blame.

Sales of refrigerated meat alternatives available in stores fell 10.5% by volume in the 52 weeks ending Sept. 4, according to research conducted by Information Resources Inc. and cited by Bloomberg.

Deloitte Consulting said the drop in sales signaled that the market for alternative meat products was already oversaturated. Company analysts have suggested that consumer sentiment that plant-based meat brands are too “woke” may be part of the problem.

The issue surfaced last month at restaurant chain Cracker Barrel, which angered culture warriors on social media and was accused of ‘waking up’ after announcing Impossible Sausage was available on its menu. .

Alternative brands are also losing prestige with environmentally conscious shoppers. A Deloitte survey conducted in July found that the share of consumers who consider alternative meats to be healthier or more environmentally friendly has declined.

Beyond Meat shares have fallen 75% this year.
Bloomberg via Getty Images
Plant-based meat products
Sales of plant-based meat products are down.
AFP via Getty Images

The Post has reached out to Beyond Meat and Impossible for comment.

While a variety of factors have contributed to the sector’s struggles, Information Resources analyst Jonna Parker told Bloomberg that fake meat brands are too expensive compared to cheaper traditional protein.

With food inflation hitting 11.4% in August – its highest since the late 1970s – shoppers are opting for cheaper cuts over more expensive plant-based offerings.

Impossible Chicken Nuggets
The analysis suggested that the fake meat products are too expensive compared to their traditional competitors.
Gado via Getty Images

“Proteins that were cheaper on a price-per-pound basis performed better,” Parker told the outlet.

Beyond Meat’s shares have fallen 75% this year, with declines outpacing the broader market as the company posted a string of disappointing results. The stock held at $15.69 heading into Monday’s trading. Impossible is a private company.

As The Post reported, Beyond Meat faced a new headache after its COO Doug Ramsey was arrested for allegedly biting off part of another man’s nose during a fight outside a football game. football from the University of Arkansas.

Beyond the sausage
Deloitte analysts have suggested that customers might view the brand’s products as too “woke”.
NurPhoto via Getty Images

Hours after news of Ramsey’s arrest broke, Beyond Meat said the executive “has been suspended effective immediately.”

The company began efforts to reconnect with shoppers, tapping mega-influencer Kim Kardashian to become its “chief taste consultant” in May.

New York Post

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button