The Last Supper: Plant-Based Meat Alternatives on the Verge of Extinction
It’s not easy being green, especially when you’re a plant-based meat alternative trying to make it in the cutthroat world of fast food. Just ask Beyond Meat and Impossible Foods, the vegan versions of the Meatpacking District. These companies have been riding high on the plant-based meat wave. With their Beyond Burgers and Impossible Burgers gracing the menus of fast-food chains nationwide, Sales of plant-based meat alternatives have been declining.
Companies have been laying off workers faster than you can say “soy protein isolate.” Beyond Meat has struggled compared to Impossible Foods, with its stock price now hovering around $16, down about 76% from a year earlier. The reason for the decline in sales is that plant-based meat’s most reliable enthusiasts are vegans and vegetarians. While meat eaters do partake, but at a much lower frequency. But alas, like all good things, the party had to end.
The Health Concern of Plant-Based Meat
it’s not just the sales that have been declining. The demand for plant-based meat alternatives has also been on the decline, with skepticism about the healthfulness of these products growing over time. Food industry leaders have criticized them for being highly processed. One of these critics came from Dr. David Katz, founding director of Yale University’s Prevention Research Center. He stated that Beyond Burger and similar products are “ultra-processed” and made from processed ingredients. These include pea protein, potato starch, and potassium chloride. He goes on to say that any health benefits of these products are still unclear and that at worst, it’s a lateral move.
Beyond Meat has also faced issues such as an off-putting smell when cooked. Because of that, negative customer feedback, and food safety concerns with listeria and foreign materials found in products made in its Pennsylvania plant. Fast-food giants like Dunkin’ and Taco Bell have also pulled faux meats from their menus because of the mixed reviews.
The Possible Environmental Benefits And New Alternative
But let’s not forget the environmental benefits of plant-based meat alternatives. These products are supposed to be better for the environment, right? Well, not exactly. A new type of meat alternative, cellular meat, is also gaining attention as it is grown from cells harvested from living animals. It is theoretically better for the environment and should taste as good as real meat. Startups in this space have received $2.6 billion in funding from investors such as Bill Gates and Richard Branson. So, it seems the plant-based meat alternatives may soon be replaced by lab-grown meat, leaving Beyond Meat and Impossible Foods to wilt away in the shadows.
The CEO of Impossible Foods, Pat Brown, has been replaced. The new CEO, McGuinness, plans to “operate like a food company” by increasing distribution points and doubling consumer awareness. He also plans to start bundling promotions for their faux chicken nuggets and faux pork products. As well as lowering prices and improving the nutritional profile of their products. But will it be enough to save these companies from their ultimate demise? Only time will tell. Check out our next article about how not protected your data is with T-mobile.
