The “Beyond Meat” fad came in fast and furious and is now leaving with its leafy tail tucked firmly between its legs. The company isn’t generating revenue, and they’re now laying people off, as the fast food giants, who gave the plant-based idea a good run, say, “no thanks.” The whole thing is a total flop, and I guess someone should go check on Bill Gates and make sure he and his “lab meat” are okay. Sales of the fake meat have gone dry. The fast-food trials may have gotten some curiosity and a few taste tests here and there, but it was nothing to write home about, so they pulled the plug.
As someone who is a full-fledged meat-eater, but has been known to eat a “veggie burger” here and there, I actually investigated the “Beyond Meat” burger, and the first thing I did was look at the calories… and when I saw there was only a tiny caloric difference between the full meat burger and the Beyond Meat, I thought, “Why would I waste my time?” I think a lot of people thought that same thing, as well.
McDonald’s is the latest fast-food giant to complete a trial of a Beyond Meat plant-based product (the McPlant burger)… this is one of the biggest reasons why the company is going belly up.
Reuters reported that Beyond Meat is headed for an unappetizing second quarter as the plant-based food craze withers in the face of several weak product tests at restaurants and mediocre reviews.
McDonald’s Corp last week became the latest chain to not go through with an immediate broader launch of Beyond Meat products, after concluding its U.S. test of a burger made with the plant-based meat without confirming future plans.
Tests at Panda Express and Yum Brands Inc’s KFC, Pizza Hut and Taco Bell have also yet to lead to a permanent or U.S.-wide launch, while Dunkin, Hardee’s and A&W have discontinued products after launching, according to brokerage Piper Sandler.
Reviews for Beyond Meat’s plant-based jerky also indicate skepticism about the taste of the product, stoking concerns about the sustainability of its sales momentum, Piper Sandler analyst Michael Lavery wrote in a note on Friday.
The company has had to discount more to encourage inflation-hit consumers to pick up its products over those of competitors at grocers, leading analysts to say its expectation for average revenue growth of 27% for 2022 now appears steep.
There are now rumors that the entire company is about to go belly up. Yet, the left keeps pushing this plant-based nonsense. Fool.com reported that cash is being incinerated at a troubling rate.
The pandemic was a bonanza for the plant-based “meat” industry. U.S. sales of plant-based meat soared 45% to $1.4 billion, and refrigerated plant-based meat sales expanded 75%. Beyond Meat (BYND -7.67%) certainly benefited, with retail sales of its products more than doubling in 2020.
That red-hot demand hasn’t lasted. Sales of plant-based meat were essentially flat in 2021, and 2022 isn’t looking any better. Beyond Meat is being hit particularly hard. The company’s refrigerated pea-based products have fallen out of favor, and the expensive launch of Beyond Meat Jerky hasn’t gone according to plan.
Cash is flying out the door. Beyond Meat’s products are more expensive per pound than real meat, so the pressure that elevated inflation is putting on consumers right now is not helpful. Beyond Meat’s total revenue dipped 1.6% year over year in the second quarter, but that includes the impact of the Beyond Meat Jerky launch and the company’s efforts to reduce inventories by dumping product into liquidation channels.
And did you hear this? The COO of Beyond Meat is accused of biting someone…what the heck?
I don’t think these plant-based foods are a good idea. Here’s the thing… I like to think of myself as a fairly healthy eater, and I am open to trying a lot of things. I am not a liberal, obviously, but if you open my fridge and pantry, you might think I am. I love coconut sugar, pasta made of lentil flour, and all that jazz. But I won’t ever drink these nut-based “milk” products… have you ever looked at the ingredients in these supposedly “healthy” drinks? It reads like a science experiment gone wrong.
That’s the issue with these lab meats and plant-based “Beyond Meat” items… If you look at the ingredients on these things, it’s gross, and I won’t put all that into my body, in the name of “health and earth.” Furthermore, if I am going to be “bad” and eat things that aren’t good for me, they sure as heck are gonna be decadent and taste good.
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