Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account So there is nothing fake about Wall Street’s concerns regarding the big drop in demand for “fake” meat and milk. (CBRL) announced it was adding Impossible’s sausage to its breakfast menu.
Beyond pricing cracker#
Take, for example, the social media outcry last month when Cracker Barrel
Plant-based companies may also face the problem of being viewed as “woke” in a highly polarized America.ĭeloitte said in its report that customers who are not buying (or even trying) plant-based foods “may not be easily reachable, partly due to cultural resistance.” “The addressable market may be more limited than many thought.”ĭeloitte suggested that “the portion of the US population open to trying and repeat buying” plant-based proteins “may already have reached a saturation point.” “After years of growth, plant-based meat sales in the United States are stagnating,” said consulting firm Deloitte in a recent report. Perception that plants are ‘woke’ could limit salesĬompanies in the plant-based food world face another more daunting challenge besides broader economic woes and new rivals: It may be tougher to convince consumers to switch to plant-based burgers or milk. (CPB), which have also entered the plant-based market.
Of course, Beyond Meat and Impossible also face the challenge of competing with established food giants such as Kellogg Impossible was valued at $7 billion based on its most recent round of fundraising late last year. These economic headwinds are likely to prompt Impossible Foods, which had been expected to go public sometime this year, to delay an initial public offering. You could be waiting a while for the next hot IPO Tiffany Hagler-Geard/Bloomberg/Getty Images The Instacart logo on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Monday, Jan. “We see tremendous challenges for retailers here to just navigate around this unprecedented change that is happening and also the consumers who are really monitoring their household budget,” said Oatly CEO Toni Petersson on the company’s latest earnings conference call last month.
Shares have plummeted 66% this year and now trade below $3. Oatly, which went public at a price of $17 in the summer of $21 and quickly surged to a peak of nearly $30, is also struggling as inflation concerns and supply chain woes present big problems. That’s why Brown said inflation will add more “pressure on consumer spending and specifically how this impacts higher-cost proteins and foods.” As such, he’s expecting “a delay in post-Covid resumption of growth.” “And for a sector that’s still gathering its feet and is still in sort of the first set of downs, that’s a very difficult set of conditions to navigate.”īrown conceded that “progress for us and for the sector is taking longer than expected.” Making matters more difficult for the company – Beyond Meat’s products tend to cost more at the grocery store than real, animal-based meat. “We went from a pandemic into record inflation,” Brown said. Inflation is a problem for plant-based food biz too (YUM) Brands-owned Mexican fast food chain will be selling quesadillas featuring Beyond’s plant-based carne asada steak.īut in the company’s most recent earnings call, Beyond Meat CEO Ethan Brown conceded that the company (and the industry) faces challenges. Companies like Beyond Meat, rival Impossible and plant-based milk producer Oatly are still doing big deals with supermarket chains and restaurants to get their products on store shelves and menus.īeyond Meat recently announced a recent partnership with Taco Bell. So is the plant-based food craze a fad that’s already over? Not exactly. KFC's new menu item tastes like chicken (but isn't)
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