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As Demand for Plant-Based Meat Weakens in the US, Beyond Disappoints Wall Street
Wedneday Beyond Meat "missed Wall Street estimates for second-quarter revenue," reports Reuters. "Consumers' growing concerns about processed foods are severely diminishing the appeal of Beyond Meat's product line, causing retailers and quick service restaurants to pull back sharply on orders," Rach...
"Consumers' growing concerns about processed foods are severely diminishing the appeal of Beyond Meat's product line, causing retailers and quick service restaurants to pull back sharply on orders," Rachel Wolff, analyst at Emarketer, said. Retail sales of refrigerated plant-based meat alternative products in the U.S. have fallen 17.2% so far this year, and frozen plant-based meat alternatives have fallen 8.1%, according to data from SPINS... [Beyond's] revenue for the quarter ended June 28 fell nearly 20% to $75 million, compared with analysts' average estimate of $82 million, according to data compiled by LSEG. While the company arguably invented a new market for plant-based meat substitutes, it also "owns no real intellectual property," argues The Street.
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