Beyond Meat sales under threat as plant-based boom withers
Aug 3 (Reuters) – Beyond Meat Inc is headed for an unappetizing second quarter as the plant-based food craze withers in the face of several weak product tests at restaurants and mediocre reviews.
Analysts have slashed forecasts for Beyond Meat’s sales on supply-chain concerns and waning demand that pulled down shares of the plant-based meat maker and peer Oatly Group AB from their lofty market debut levels
“Part of the issue with the adoption of the category for new consumers is that you’re not going to change cultural tastes overnight,” Mizuho analyst John Baumgartner said. “Recruiting your next phase of consumers requires more innovation and better tasting products.”
McDonald’s Corp last week became the latest chain to not go through with an immediate broader launch of Beyond Meat products, after concluding its U.S. test of a burger made with the plant-based meat without confirming future plans.
By Praveen Paramasivam / Reuters
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