Beyond Meat had a disastrous third quarter, sales declining by
14 per cent to $106 million and net losses mounting to $51.8
million compared with a loss of $19.7 the previous year.
The company’s share price dropped by 19 per cent in overnight trading overseas.
Maple Leaf Foods Inc. also reported declining sales earlier this month- $48 million for the third quarter compared with $51.4 million for the same quarter last year.
Chief executive officer and president Michael McCain said the company is seeing a marked slowdown in the plant-based protein category performance which may suggest systemic change in the extremely high growth rates expected by the industry.
He says that given the performance, the company is conducting a review which will either affirm or adjust its strategies and investment thesis going forward.
Maple Leaf has invested about $1 billion in plant-based proteins, including a plant that it is building in Indiana which will be the largest in North America. That is costing more than $300 million.
Its biggest plant-based protein investment is in Greenleaf Foods which markets Lightlife brands.
