Skip to content
Search
AI Powered
Latest Stories

Beyond Meat sees massive slump in sales

Beyond Meat sees massive slump in sales
A Beyond Meat Burger is seen on display. REUTERS/Shannon Stapleton/File Photo
REUTERS

Sales of plant-based brand Beyond Meat have slumped by almost a third as consumers opt for cheaper animal protein amid the cost of living crisis.

The US company, known for its bleed and imitations of sausages and meatballs, has cut its annual revenue forecast in the latest sign that the vegan food bubble is bursting.


Beyond Meat, which has co-developed McDonald’s McPlant vegan burger, said sales fell 30.5 per cent to £80 million in the quarter to July, missing analysts’ expectations. The maker said it had been hit by “softer demand in the plant-based meat category, high inflation, rising interest rates and ongoing concerns about the likelihood of a recession”.

US trial run of the McPlant burger was cancelled last August but it is still on sale in the UK and Ireland.

The company’s chief executive, Ethan Brown, said the ambiguity around the health benefits of eating plant-based meat had held back sales.

“This change in perception is not without encouragement from interest groups who have succeeded in seeding doubt and fear around the ingredients and process used to create our and other plant-based meats.

“As we look to the future, we remain steadfast in our belief that plant-based meat, and Beyond Meat specifically, will play an important part of the global response to a climate crisis that appears to be rapidly intensifying, while also delivering health benefits to the individual consumer.”

Beyond Meat has been trialing price cuts to attract more customers by offering its core products at prices that are at or below their animal protein equivalent. It said it was unlikely to meet its target of achieving cash flow positive operations within the second half of 2023.

"The guidance cut is disappointing, especially considering the decent start to the year. We are now back to talking about cash burn and the need to raise capital... Something needs to change to prevent this ship from sinking," said CFRA Research analyst Arun Sundaram.

The news comes as Sweden’s Oatly, the Swiss food company Nestlé and the London-based Innocent Drinks pulled vegan products from sale in the UK this year.

More for you

Budget 2024: Local shops to face significant new pressure

(Photo by JUSTIN TALLIS/AFP via Getty Images)

(Photo by JUSTIN TALLIS/AFP via Getty Images)

Budget 2024: Local shops to face significant new pressure

Local shops will face significant new pressures as a result of today’s Budget, the Association of Convenience Stores (ACS) has warned.

Chancellor Rachel Reeves' budget's impact will be felt unevenly across the UK’s 50,000 convenience stores, with some measures such as business rate relief and the increased employment allowance mitigating costs for smaller independent stores, while providing no help for chains and larger independent businesses.

Keep ReadingShow less
Post Office cash deposits and withdrawals
Post Office, DPD partners to rollout ‘Click and Collect’ services
Post Office, DPD partners to rollout ‘Click and Collect’ services

Parliament to launch inquiry into Post Office Horizon scandal compensation delays

Parliament is to launch an inquiry into delays in compensation settlements for sub postmasters affected by the Horizon scandal.

The newly-formed Business and Trade Select Committee will call ministers, subpostmasters and their lawyers to give evidence next week with a second session to follow in mid-November. The Committee’s chair, Liam Byrne MP told ITV News that there was “definitely a delay” in people coming forward for payment.

Keep ReadingShow less
C-store body warns of 'inflation-busting increase in wage costs'
Woman Holding British Pound
Getty Images/iStockphoto

C-store body warns of 'inflation-busting increase in wage costs'

Convenience store body Association of Convenience Stores (ACS) today (30) has warned the Chancellor about the negative effects of the new National Living Wage (NLW) increase, a day after the Chancellor announced a pay rise for over 3 million workers next year, with NLW rates rising by 6.7 perc cent.

From April 2025, the NLW will increase from £11.44 to £12.21 while 18-20 National Minimum Wage will rise by £1.40 per hour to £10 - the largest increase on record, marking the first step towards a single adult rate.

Keep ReadingShow less
Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Robbie MacDonald via LDRS

Shop’s licence bid rejected over illegal vapes and ‘no regard’ for children’s safety

A Rossendale shop has had a licence bid rejected after repeatedly selling vapes to children and having illegal products on its premises.

Management at the Ibra Superstore at 34 Burnley Road, Bacup, have shown ‘no regard’ for children’s protection and safety, and have insufficient controls for licensing, Rossendale councillors have ruled.

Keep ReadingShow less
SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR North of England retailer Dara Singh Randhawa’s family store has been awarded £100,000 of free stock after hitting all his targets since moving to the symbol.

Dara and his family, who have their SPAR store in Patrington in the East Riding of Yorkshire, joined SPAR through its association with James Hall & Co. Ltd in August 2023 having taken the decision to maximise the store’s potential.

Keep ReadingShow less