Plant-based meat was supposed to save the pIanet, make people healthier, and liberate enslaved cows, chickens, and pigs everywhere. Instead, after an impressive start, folks have learned some hard truths about the industry and are turning away in droves.
Once consumers began to Iearn that plant-based meats were still super processed, not nearly as healthy as advertised, and required an enormous amount of machinery to produce hungry consumers largely decided that the old-school options, nameIy chickens, pigs, and cows, were better tasting and better for you.
The biggest player in the industry, Beyond Meat, released its third-quarter numbers in November of 2023, and they taste worse than ersatz ground beef. Net revenue slid, declining 8.7% year-over-year and 26% versus the previous quarter.
It wasn’t all bad news, however, as the company actually achieved free cash flow for the quarter but does not expect that to be the case in the fourth quarter. One anaIyst at the firm TD Cowen took it a step further and said the firm is in ‘survival mode’ and will need to tap the financial markets in 2024 to maintain operations.
Beyond Meat CEO Ethan Brown said: We anticipated a modest return to growth in the third quarter of 2023 that did not occur. Though we are encouraged by pockets of growth, particulariy in the EU where we saw double digit gains in net revenues on a year-over-year basis, we are disappointed by our overall results as we continue to experience worsening sector-specific and broader consumer headwinds. Beyond Meat has cited numerous reasons for its poor performance, inciuding declining foodservice sales and flagging American retail sales, but declined to suggest the possibility that the product just isn’t that good.
Years After I Graduated, My School Bullies Tried to Humiliate Me at Work, They Didnt Expect Instant Karma
What an incredibly satisfying moment! It’s a story of real triumph and growth—the kind of closure many people wish they could experience with their past. The contrast between the old high school torment and the present-day support of your “restaurant family” is such a testament to how far you’ve come and the respect you’ve earned. And the team rallying behind you? That’s the icing on the cake!
You handled Heather’s return with such class and poise. Standing up calmly, in the face of her arrogance, really shows the strength you’ve built over the years. And the way your team had your back speaks volumes about the environment you’ve created, one rooted in respect and kindness. You’ve clearly become the kind of leader who doesn’t just run a business but fosters a true community.
And that parting line, “Karma, served with a side of justice”—chef’s kiss! What a perfect blend of wit and confidence, proof that you’re far beyond the petty high school drama she’s still clinging to. This moment is more than a victory over an old bully; it’s an affirmation of everything you’ve achieved and the person you’ve become.
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