Beyond Meat, the maker of the plant-based meat alternative Beyond Burger, reported this week a 30.5% drop in revenue in the second quarter of 2023 compared to 2022. The company went from $147 million in sales in the second quarter of 2022 to $102 million in the same time of 2023.
The drop in sales was even more pronounced in the U.S. than internationally. U.S. revenue dropped 40.1%, while international revenue declined a mere 8.7%.
Beyond reported a 44% drop in foodservice volume in the U.S. and a 34% loss in retail volume, the company said.
Beyond leaders expressed confidence that there remains a strong market for meat alternatives.
“As we look to the future, we remain steadfast in our belief that plant-based meat, and Beyond Meat specifically, will play an important part of the global response to a climate crisis that appears to be rapidly intensifying, while also delivering health benefits to the individual consumer,” said Beyond Meat CEO Ethan Brown.
Beyond Meat’s stock has dropped significantly over the last two years. The company’s stock price is only about 10% of what it was trading for this time two years ago.
There is also more competition for vegetarian and vegan meals. Data from Vegetarian Resource Group suggests that the number of vegetarian Americans increased 33% from 2012 to 2022.
While Beyond Meat is publicly traded, its top competitor Impossible Burger is not, meaning it’s unclear whether it has seen a significant change in sales. Impossible Burger has been introduced in a number of retailers and restaurants. Burger King restaurants have been among the most prominent restaurants to carry Impossible Burger.