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1 big thing: Fake meat fad combusts
Illustration: Sarah Grillo/Axios
Customers and investors alike are sticking a fork in fake meat.Why it matters: Plant-based meat was sold as a healthier, sustainable high-protein substitute for real meat. But after years of hype, the tide is turning against the first generation of plant-based protein makers, Axios Pro Climate Deals reporter Megan Hernbroth writes.The big picture: Impossible Foods and Beyond Meat captured headlines — and plenty of legitimate interest from consumers — with their plant-based “hamburgers.”Both companies’ plant-based burgers were a hit — the “meat” looked and tasted similar enough to beef that many diners couldn’t notice the difference.The meats were so popular that fast food giant Burger King noticed and added an Impossible Whopper to its menu.But now, sales are collapsing.Impossible Foods plans to lay off roughly 20% of its workforce amid falling sales, per a Bloomberg report.Beyond Meat also cut roughly 20% of its workers, and lost several executives, amid its own stock slump.What’s happening: “Some say the slowdown in sales is a product of food inflation, as consumers trade pricier plant-based meat for less-expensive animal meat. But others wonder if the companies have simply reached the maximum number of consumers willing to try or repeatedly purchase faux burgers and sausages,” The New York Times’ Julie Creswell notes.What we’re watching: Impossible Foods and Beyond Meat use a process called high-moisture extrusion, which effectively pre-cooks the protein prior to sale.The technique works well with ground meat that doesn’t require a uniform texture or a single cut of meat.A new set of startups is working on developing new techniques to create more types of plant-based proteins to replace large cuts of meat and fish.Share this story.
1 big thing: Fake meat fad combusts
The big picture: Impossible Foods and Beyond Meat captured headlines — and plenty of legitimate interest from consumers — with their plant-based “hamburgers.”Both companies’ plant-based burgers were a hit — the “meat” looked and tasted similar enough to beef that many diners couldn’t notice the difference.The meats were so popular that fast food giant Burger King noticed and added an Impossible Whopper to its menu.
But now, sales are collapsing.Impossible Foods plans to lay off roughly 20% of its workforce amid falling sales, per a Bloomberg report.Beyond Meat also cut roughly 20% of its workers, and lost several executives, amid its own stock slump.What’s happening: “Some say the slowdown in sales is a product of food inflation, as consumers trade pricier plant-based meat for less-expensive animal meat. But others wonder if the companies have simply reached the maximum number of consumers willing to try or repeatedly purchase faux burgers and sausages,” The New York Times’ Julie Creswell notes.
What we’re watching: Impossible Foods and Beyond Meat use a process called high-moisture extrusion, which effectively pre-cooks the protein prior to sale.The technique works well with ground meat that doesn’t require a uniform texture or a single cut of meat.A new set of startups is working on developing new techniques to create more types of plant-based proteins to replace large cuts of meat and fish.Share this story.
FOOD, FACTS and FADS 