Tough times for plantbased meat

News Summary

  • Illustration: Rae Cook/AxiosCompanies that make faux burgers and other meat substitutes are laying off employees and staring down weak sales, amid what Beyond Meat describes as "ongoing softness in the plant-based meat category.
  • "Why it matters: The biggest fast-food chains and meat producers have raced to cash in on fake meat, sensing consumer appetite for sustainable and animal-friendly alternatives.
  • "Taste test: Beyond Meat sent private chefs to cook Beyond Steak for journalists like me in advance of the product announcement.Go deeper: McDonald’s bringing back McRib for a “farewell tour"
  • Yes, but: There are still bullish growth predictions for plant-based meats, and Impossible Foods — a private company that doesn't have to report its numbers — tells Axios it's seeing "hyper-growth, with over 60% year-over-year sales growth in retail alone.
Companies that make faux burgers and other meat substitutes are laying off employees and staring down weak sales, amid what Beyond Meat describes as ongoing softness in the plantbased meat category [+4442 chars]