NEW YORK, NY – Another symbol of the progressive agenda that was forced upon America is showing signs of failure, joining wind energy and electric cars.
Fake meat.
That’s plant-based ingredients made to look like meat and taste like meat for people against eating actual meat. If that makes any sense at all. It’s like taking ground beef and packing it into a mold and calling it ‘fake corn’.
It’s another unwanted ‘alternative’ being pushed by the left in America and like the others, it’s struggling big time.
Beyond Meat announced a reduction of its workforce by approximately 19 percent, affecting about 65 non-production employees, following its third-quarter performance which did not meet company expectations.
The producer of plant-based meat substitutes stated Thursday the decision is a strategic move amid a company-wide review that may also lead to exiting certain product lines, adjusting pricing strategies, modifying manufacturing processes, and overhauling operations in China.
Shares of Beyond Meat surged 20 percent following the announcement on Thursday afternoon.
Ethan Brown, Beyond Meat President and CEO, conveyed in a statement the company had projected a slight uptick in growth for the third quarter which failed to materialize.
Data from market research firm Circana indicates a significant decline in the U.S. market for plant-based meats this year. Sales of refrigerated meat substitutes, including items such as sausages and burgers, plummeted by 21.5 percent through October 8, while sales for frozen alternatives like tenders and nuggets saw a 6 percent drop.
Brown cited inflation as a primary factor affecting plant-based meat sales, with the higher cost driving consumers toward less expensive animal meat. The category is also contending with a challenged public image, perceived as being over-processed and not healthful, exacerbated by advertising campaigns from competing food companies.