Following years of marketing hype proclaiming that fake meats would transform the food industry and modern diets, sobriety has descended on the industry as manufacturers wrestle with declining sales, dissatisfied customers, and difficulties achieving profitability. As the remaining plant-based-meat players scramble to bolster sales and preserve a dwindling market share, meat substitutes are shaping up to be a short-term fad that could not meet expectations. Fake meats will likely remain in stores and some restaurants as a vegan consumer niche but will unlikely displace the animal livestock industry anytime soon.
Fake meats include simulated meat products fashioned from plant and other substitute ingredients (plant-based proteins) and animal cells cultured or lab-grown from plant matter (“cultured” meats, or cell-based proteins). The three chief selling points for both categories have been animal welfare, climate rescue, and improved human health. The products have run aground on issues of affordability and taste. Meat substitutes cost more than real meat but don’t stack up on taste or health benefits. Cultured meats may taste like natural ones but offer no health improvements for their higher price. They are currently more harmful to the climate than cows or chickens because of technological hurdles that require massive energy and enormous externalized environmental costs.
Impossible Foods, a maker of cultured meats, has thus far found profitability impossible. Beyond Meat, a leader in fashioning meat substitutes from plant ingredients, has faced consumer and industry pushback on company claims its products are healthier than natural meats. In response, it has reformulated many of its products to attract consumers with improved taste and nutritional content but continues to suffer a dramatic loss of sales. Its stock price reflects this shift, down from $234.90 a share on July 26, 2019, to $7.19 on May 17, 2024, a nearly 97% drop. […]
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