Plant-based meat products have seen a surge in popularity in recent years, and for a time, they were the go-to meat for many consumers. According to the GFI (Good Food Institute), plant-based meat sales increased by 74% from 2018 to 2021. McDonald’s, for example, invested in alternative meats in 2021 when it partnered with Beyond Meat, one of the world’s largest plant-based meat producers, to create McPlant. McPlant is a vegetarian burger that features a patty made with a blend of peas, rice proteins, and other plant ingredients.
Just a year after the launch of McPlant, the plant-based burger was pulled from the menu because of low sales. It raised the question of whether or not McDonald’s was the right place to serve a plant-based burger in the first place. The plant-based burger industry also appeared to be in a state of flux, with Beyond Meat reporting a 20.6 percent drop in net revenue in the fourth quarter (Q3-Q4 2022) and Oatly, Nestlé, and other well-known vegan brands cutting back on production of several of their products.
More recently, shares of Oatly, a plant-based group, took a beating after slashing its sales forecast for the year. Meanwhile, British vegan food company VFC bought Meatless Farm to stave off bankruptcy and Beyond Meat announced a 30% drop in sales due to a shortage of demand in the United States. It’s been all over the news that plant-based meat is on the brink of extinction. But is that really happening? And, if so, why?
The Benefits of Eating Less Meat Why did plant-based meat get off to such a great start? It’s no secret that eating a lot of red meat and processed meats can increase your risk of heart disease, cancer and type 2 diabetes, among other things. On the other hand, eating plant-based foods is considered healthier if you do it right. Nowadays, people are aware of this. A 2021 study found that 47% of Americans are flexitarians, meaning they follow a mostly vegetarian diet and limit meat consumption or limit the types of meats they eat.
Related Stories
- https:// interestingengineering.com/culture/plant-based-meat-sales-are-plummeting-heres-why
- https:// www.fooddive.com/news/plant-based-meat-alternatives-continue-decline-sales/689470/
- https:// www.quora.com/Why-did-plant-based-meat-sales-decline-in-the-US-in-2022
- https:// www.washingtonpost.com/business/2022/11/12/plant-based-meat-market/
- https://www.foxbusiness.com/retail/plant-based-meat-sales-declining-industry-possibly-suffering-perception-problem
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