Thursday, November 10, 2022

Plant proteins still struggling

Beyond Meat said it is going to cut prices to make its plant-protein substitutes more competitive with meats.

The strategy comes after the company reported greater losses than market analysts predicted.

And Beyond Meat said it expects further slowdown in demand for its products.

"We are testing a pricing reduction that more quickly collapses the pricing delta between one of our core products and its animal protein equivalent," said chief executive officer Ethan Brown.

. The company has cut 200 more jobs to save about $39 million.

"It doesn’t look like the top line will get significantly better for Beyond anytime soon," said research analyst Arun Sundaram.