Plant-based meat sales are falling fast. The industry is finding that the craze for alternative proteins is dying down and brands are working harder than ever to bring in consumers. Beyond Meat and Impossible Foods are top players in the space, but even they are hitting bumps in the road. According to market research firm Information Resources Inc. (IRI), “supermarket sales of meatless products are down 14% for the 52 weeks ending December 4,” and both companies have had layoffs. Questions about how healthy plant-based meat truly is, along with consumers’ tightening wallets have ultimately been driving the slow down. Both brands were listed on YPulse’s biggest affinity falls of 2022 thanks to Gen Z: 36% say they aren’t interested in plant-based food and drinks—but luckily Millennial foodies are still into it. (The Takeout)
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