Mid-Veganuary vibes [bymuratdeniz/E+ via Getty Images]
Can’t believe it’s not beef… Beyond Meat was one of the hottest IPOs of 2019, as beef-fatigued consumers jumped into the plant-based craze. From 2018 to 2020, sales of plant-based meat grew 3X as fast as animal meat sales, while Beyond’s sales quadrupled. Beyond has beefed up fast-food partnerships to attract fans. This month, it teamed up with chicken legend KFC to launch Beyond Fried Chicken nuggets.
A plant in meat’s clothing... Climate activism has become a driving force in the meatless movement. But companies like Beyond and rival Impossible have yet to prove they produce fewer emissions than real meat makers. Plus:
It’s a double-loss whopper… Beyond is losing market share in a shrinking market. Not only is it losing sales to plant-based competitors — it’s losing out to more meat consumption. Last year the plant-based-meat industry saw 10 straight months of decline. Meanwhile, OG meat giants like Tyson have launched cheaper plant-based options. Still, the meatless market is beginning to rebound as New Year’s resolutions and #Veganuary spotlight health.