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The plant-based meat industry is struggling, according to a cover story in Bloomberg BusinessWeek which goes so far as to call the sector “a flop.” The gist is that Beyond Meat and Impossible Foods talked a big game about changing the world but sales are down along with stock prices, and analysts are starting to wonder if non-vegetarians will ever become customers.
This week’s email will be short and sweet, drawing mostly from the BusinessWeek piece. And the forecast is about Beyond Meat, because unlike Impossible it’s a public company:
Forecast: How likely is it that Beyond Meat reports at least $85 million in revenue for Q1 2023?
The quotes below are all from the Bloomberg piece unless otherwise noted.
Sales of plant-based meat are down:
Beyond has also had to lay people off:
Those fast-food partnerships have fizzled:
Inflation has made consumers more cost conscious:
And fewer consumers consider plant-based meat healthy than once did:
(In all likelihood they’re better for you than eating red meat, but they’re not health food.)
Against this backdrop, Beyond needs to cut costs to survive. From a Food Institute piece in November 2022:
Unlike Beyond, Impossible Foods is still growing:
Can Beyond get back on track and start to grow its revenue again?
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Deadline: Make a forecast by 9am ET Tues. Feb. 7.
Resolution criteria: The question will resolve based on Beyond Meat's Q1 financial data, reported in April 2023.
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