Tough Times for the Fake Meat Industry

• Beyond Meat announced a 19% workforce reduction this month amid steepening revenue declines:

https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-targets-cash-flow-positive-operations-within-second

• McDonald's shelved plans to introduce a McPlant burger nationally:

https://www.reuters.com/business/retail-consumer/meatpacker-jbs-close-us-plant-based-foods-business-planterra-2022-10-03/

• Brazil's JBS is closing Planterra Foods, its U.S. plant-based meat business:

https://www.reuters.com/business/retail-consumer/meatpacker-jbs-close-us-plant-based-foods-business-planterra-2022-10-03/

• Canada's Maple Leaf Foods has whittled its plant-based meat division:

https://www.fooddive.com/news/maple-leaf-cuts-greenleaf-division-plant-based/629146/

• Impossible Foods laid off 6% of employees

🔗 Source:

https://www.axios.com/2022/10/25/tough-times-for-plant-based-meat