the staff of the Ridgewood blog
Ridgewood NJ, Thanksgiving puts food on the forefront of peoples minds. Beyond Meat, a “woke food” and plant-based meat substitute company, is struggling to sell its products as consumers are rejecting them as they consider plant-based meats “woke,” Bloomberg reported Monday.
Deloitte, a large consulting firm, found that consumers are no longer choosing to buy meat substitutes because they are considered far too “woke,” even among individuals that are looking to eat less red meat, according to Bloomberg. Sales of Beyond Meat’s burgers, sausages and other meat-substitute products are on the decline as the company’s stock has plummeted by 77% in 2022.
Deloitte also surveyed 2,000 consumers in July and found that fewer people now believe that vegan meat substitutes are healthier and more environmentally friendly than actual meat, Bloomberg reported.
Beyond Meat was soaring when it went public in 2019.Its faux-meats popped up in myriad restaurant and grocery chains, and at one point it reached a very healthy $10B+ valuation .
But the hype is cooling and Beyond Meat shares have dropped ~83% this year while sales have stagnated, per The New York Times.
In October, it laid off 200 workers, or ~19% of its workforce and the company lost four execs, including the COO, who was accused of biting a man’s nose during a fight.
Employees also told The Wall Street Journal that CEO Ethan Brown, who founded Beyond Meat in 2009, rushed timelines, resulting in wasted resources and unenthused customers.
Go Woke, Go Broke.
They never learn.
Sounds like that COO who bit a man’s nose had the “Hangries”
You need a desired product. Regardless of beliefs, chick fil et is booming because its the best chicken ever!