Beyond Meat, the poster child of plant-based meat, saw sales tank as cash-strapped shoppers turn away from expensive alternative proteins
Inflation and higher interest rates have been squeezing customers' spending power, execs said at Beyond Meat's second-quarter earnings call on Monday. Overall, consumers have been trading down to cheaper proteins and also buying less protein in general, CEO Ethan Brown said.
Brown said that the"number one issue" with the plant-based meat category was that it ultimately wasn't bringing in enough new consumers., sold 22.9 million pounds of products in the three-month period, a decrease of nearly a quarter year-over-year. CFO Lubi Kutua said that there had been a"relative underperformance" of its core products – burgers, ground beef, and dinner sausage.net revenues of $102.1 million in the quarter to July 1, a decrease of 30.5% year-over-year.
US retail revenues fell by 38.5% year-over-year. US food-service revenues fell even more drastically, by 45.4%.
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