The Facts
Sales at vegan food firm Beyond Meat have plunged by almost a third in recent months, amid a significant rise in living expenses for consumers.
The company, which produces plant-based meat substitutes, has stated that net revenues fell by 30.5% in Q2 compared to 12 months prior. Shares of the company have fallen by almost 12% in extended trading.
The Spin
Narrative A
Until global leaders begin taking real action to address the climate crisis, reducing the amount of meat our diets is the biggest single thing we can do as individuals to save the planet. Rearing livestock and poultry is resource and land intensive, while buying plant-based protein alternatives is better for the earth and demonstrates consumer demand for environmentally conscious products. Though not perfect, plant-based options are an improvement on animal protein.
Narrative B
The hype of plant-based food clearly got ahead of the reality. Apart from not delivering on taste, those brands which best imitate meat are often ultra-processed and high in sodium. At a time when living costs are rising internationally, the level of financial and sensory sacrifice that must be made to keep the alternative-meat market alive in its current form doesn't appear justified. This latest decline in sales does not mean people don't care about the environment, but they might be starting to see through the necessity for expensive and less tasty alternatives to animal meat.
