{"id":1135635,"date":"2023-02-05T13:14:12","date_gmt":"2023-02-05T18:14:12","guid":{"rendered":"https:\/\/bugaluu.com\/news\/fake-meat-fail-sales-collapse-at-beyond-meat-impossible-foods-as-20-of-staff-laid-off\/1135635\/"},"modified":"2023-02-05T13:14:12","modified_gmt":"2023-02-05T18:14:12","slug":"fake-meat-fail-sales-collapse-at-beyond-meat-impossible-foods-as-20-of-staff-laid-off","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/fake-meat-fail-sales-collapse-at-beyond-meat-impossible-foods-as-20-of-staff-laid-off\/1135635\/","title":{"rendered":"Fake Meat Fail: Sales Collapse At Beyond Meat, Impossible Foods As 20% Of Staff Laid Off"},"content":{"rendered":"
\"\"<\/a><\/div>\n

Fake Meat Fail: Sales Collapse At Beyond Meat, Impossible Foods As 20% Of Staff Laid Off<\/span><\/p>\n

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The fake meat industry appears to be in a death-spiral as sales at plant-based ‘meat’ companies Impossible Foods and Beyond Meat have imploded.<\/p>\n<\/p>\n

As Axios<\/em> reports, “after years of hype, the tide is turning against the first generation of plant-based protein makers<\/strong>.”<\/p>\n

Last year, both companies were riding high – with prime placement on supermarket shelves, and Burger King even adding an Impossible Whopper to its menu.<\/p>\n

Impossible Meat even began to branch out – looking to expand offerings to highly processed meats such as chicken nuggets and sausages.<\/p>\n

Sales have collapsed<\/strong>, however, which according to a recent Bloomberg<\/em><\/a> report, has resulted in Impossible Foods planning to lay off around 20% of its workers<\/strong>.<\/p>\n

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Impossible Foods Inc., the maker of meatless burgers and sausages, is preparing to cut about 20% of its staff, according to a person familiar with the matter. <\/em><\/p>\n

The Redwood City, California-based company currently employs about 700 workers. The new round of dismissals could reduce that amount by more than 100.\u00a0<\/strong><\/em><\/p>\n

Impossible Foods also offered voluntary separation payments and benefits to employees at the end of 2022<\/strong>, said the person, who asked not to be named discussing private information. An internal document viewed by Bloomberg confirmed the separation packages being offered. The company previously reduced headcount<\/a> in October, cutting about 6% of its workforce at the time<\/strong>. -Bloomberg<\/em><\/p>\n<\/blockquote>\n

Beyond Meat’s sales fell over 22% in the third quarter of 2022<\/strong>, as the company is preparing to similarly cut 20% of its workers. The company has also lost several executives.<\/p>\n

According to the report, supermarket sales fell by 15% <\/strong>y\/y as of Jan. 1, according to market-research firm IRI, while orders in restaurants dropped 9% in the12 months ended in November<\/strong>, according to NPD Group.\u00a0<\/p>\n

Meanwhile, data from consumer-experience strategy firm HundredX suggests waning interest in general – as the percentage of shoppers polled who have eaten Impossible products and say they won’t do it again <\/strong><\/em>has risen.<\/p>\n

Beyond Meat stock is also down around 67% <\/strong>vs. one year ago.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 02\/05\/2023 – 17:30<\/span><\/p>\n

From:Zerohedge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fake Meat Fail: Sales Collapse At Beyond Meat, Impossible Foods As 20% Of Staff Laid Off The fake meat industry appears to be in a…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1135635","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1135635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1135635"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1135635\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1135635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1135635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1135635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}