Photo Illustration by Erin O’Flynn/The Daily Beast/Jubair1985/Wikimedia Commons
You don’t need to be a vegan to know that plant-based meat isn’t the niche hippie fare it once was. Over the last ten or so years, Impossible Foods and Beyond Meat hit the mainstream. You no longer need to go to a specialty food store or a cult-favorite California restaurant to get your meatless burger fix. You can just go to your nearest Burger King or Carl’s Jr.
But after a few years of hype, sales of plant-based meat are reportedly lagging. Beyond Meat laid off about one-fifth of its international team last year, and it was recently reported that Impossible Foods is preparing to cut about 20 percent of its staff. According to one study, the percentage of shoppers who have tried Impossible products and say they’re less likely to try it again has risen. Sales are so slow that, according to a recent Bloomberg article, the end is near for meatless meat.
In fairness, pretty much every industry is struggling right now. We’re feeling the pain of inflation and may be headed for an even worse economic slump. There is, however, some evidence for the theory that plant-based meat is losing momentum. Sales figures continue to drop and fast food brand partnerships have come to quiet ends. While investors might be scratching their heads, wondering why Impossible Foods hasn’t exactly become the next Apple, the average layperson could probably tell you exactly what the problem is: they just don’t taste as good as meat.