Impossible Foods, one of the leading companies marketing plant protein products such as hamburger replacements, is cutting its staff by as much as 20 per cent, reports Bloomberg News.
The company in Redwood City, Calif., employs about 700 workers.
The company cut six per cent of its staff in October as consumers who tried plant proteins failed to be repeat buyers.
It’s a similar story for other plant protein producers such as Beyond Meat and Maple Leaf Foods’ Greenleaf business which began trimming its investments in plant proteins in August.
The initial consumer reaction – to try the products – sent sales soaring and prompted companies to ramp up investments and production.
