- Beyond Meat‘s sales have slumped. Q4 revenues were down 20.6% and it posted a loss of $366 million in 2022.
- CEO Ethan Brown attributed it to “persistently high inflation” and trading down by consumers.
- Brown said the industry’s biggest obstacles are taste, awareness of health benefits, and price.
Beyond Meat’s sales slumped at the end of 2022 as consumers turned away from plant-based meat substitutes.
Net revenues were down $20.7 million, or 20.6%, in the quarter to December 31 year-over-year. The company said it sold almost 3.3 million fewer pounds of its fake meat products over the time period – a drop of about 17%.
“The fourth quarter of 2022 ends a challenging year for our business and category, one marked by persistently high inflation and trading down by consumers among proteins, slowing economy in key markets, and increased competitive activity,” CEO and founder Ethan Brown said at the company’s earnings call Thursday.
Despite the huge slump in sales, Beyond – which sells products including fake jerky, chicken, and sausage – still beat Wall Street sales estimates.
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