Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat cut its third-quarter and full-year revenue forecast last week, saying an anticipated rebound in plant-based meat sales during the quarter didn't occur.
But in the U.S., he said, ads funded by the meat industry and others have led consumers to see plant-based meat as overly processed and unhealthy.
The higher price of plant-based meat has also hurt U.S. sales at a time when consumers are stressed about inflation, he said.
Frozen plant-based meat sales, including items like tenders and nuggets, were down 6%.
Persons:
Ethan Brown, It's, Brown, McDonald’s, U.S . Brown, “, El
Organizations:
FactSet, Panda
Locations:
Europe, U.S, China, U.S ., Meat's, El Segundo , California