Beyond Meat Inc - statistics and facts
The U.S. market for plant-based meat and seafood has been in decline. Plant-based sales volumes have collapsed and are down by twenty-eight percent over a two-year time frame. Sales values on the market have also been badly affected and shrank by almost a fifth. Beyond Meat is the second most recognized meat substitute brand in the United States. The developments on the U.S. market have not left the company unscathed. Beyond Meat's financials show a struggling company. In other markets, the company is also competing. In Germany, the brand is the eighth best-known meat substitute brand.
This gives hope to Beyond Meat and other companies on the market that, with time, their products will gather a larger audience and maybe help turn the fortunes of the market around.
Troubled times
Beyond Meat’s net revenue reached over 326 million U.S. dollars in 2024. This shows a decline in revenue for three years in a row. The company’s revenue peaked in 2021 at almost 465 million U.S. dollars. Before the pandemic, the food service industry accounted for over half of the company’s revenue. This figure declined drastically as the share of retail revenue grew and made up for declining food service sales. The latest figures, however, show both categories declining. The company, whose EBITDA still grew during the first pandemic year, has been reporting losses since 2021 with earnings in 2023 and 2022 being significantly in the red. Currently, Beyond Meat is still in the red but less so than in prior years.Hope for the future?
Meat substitutes are the plant-based product with the second-highest sales value in the U.S., after milk substitutes. The audience for meat substitute products often includes vegetarians, vegans, people following religious dietary laws, and consumers who do not follow a specific diet, but prefer to reduce their meat intake. The volume of the meat substitute market in the U.S. was approximately 80 million tons in 2024. In general, younger consumers tend to eat meat substitutes on a regular basis more than older consumers.This gives hope to Beyond Meat and other companies on the market that, with time, their products will gather a larger audience and maybe help turn the fortunes of the market around.
