> Supermarket sales of refrigerated plant-based meat plummeted 14% by volume for the 52 weeks ended Dec. 4, according to retail data company IRI. Orders of plant-based burgers at restaurants and other food-service outlets for the 12 months ended in November were down 9% from three years earlier, according to market researcher NPD Group.
> Beyond lost sales in almost every channel last quarter. Over the past year it laid off more than 20% of its workforce
That's a pretty good description of a failing growth industry.
Beyond losing sales and laying people off is compatible with a growth industry where numerous other entrants are starting to steal the customer base of the first mover by charging less or having better products.
Of course, that is counterbalanced by retail and restaurant trends.
FTA:
> Supermarket sales of refrigerated plant-based meat plummeted 14% by volume for the 52 weeks ended Dec. 4, according to retail data company IRI. Orders of plant-based burgers at restaurants and other food-service outlets for the 12 months ended in November were down 9% from three years earlier, according to market researcher NPD Group.
> Beyond lost sales in almost every channel last quarter. Over the past year it laid off more than 20% of its workforce
That's a pretty good description of a failing growth industry.