Meat substitute manufacturer Beyond Meat’s net losses in 2023 amounted to $338 million (30 billion rubles) on revenue of $343 million (30.5 billion rubles), The Western Producer reported on May 28
In October 2020, Beyond Meat shares were sold for 190 dollars (17 thousand rubles). At the end of this spring, the price fluctuated from 7 dollars (620 rubles) to 9 dollars (795 rubles). The Californian company is valued at 500 million dollars (44 billion rubles). The maximum value reached 12 billion dollars (1.05 trillion rubles) in 2020.
“I have never felt more optimistic than about the potential of Beyond Meat.” CEO Ethan Brown said in the company’s 2020 annual report. The hopes were not justified. In 2023, sales fell 18% from 2022 levels.
Experts are quick to reassure investors. “Consumers are becoming less carnivorous due to concerns about climate change and animal welfare.”said Nourish Food Marketing President Jo-Anne McArthur.
She believes that Generation Z, born between 1997 and 2011, will eat less meat than previous generations. In her opinion, many representatives of generation Z make purchasing decisions taking into account the environmental friendliness of the product.
The expert believes that plant-based products will be able to return to stores and tables, but they will be different from “fake meat.” MacArthur predicts there will be fewer imitation meats.
The new products will be simpler because many consumers didn’t like the dozens of ingredients listed on the packaging of plant-based burgers.
Source: Rossa Primavera
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