Beyond Meat, beyond hope?
Billionaire investors thought they could 'disrupt' livestock farming. They thought that meat substitutes would be an easy way to make their next billion. But they are having a shock encounter with reality. Consumers see meat substitutes as expensive novelties and are sticking with beef and lamb. As a result, losses are up - by 240% - at Beyond, the best-known brand in the substitute sector. Beyond's US retail sales fell by 20% at the end of 2021. Will Beyond become one of the biggest failures in food industry history?