Beyond Meat Had a Tough 2023. Here's Why Next Year Could Be Even Worse
Beyond Meat (NASDAQ: BYND) shareholders had an unappetizing 2023, to say the least. The plant-based meat specialist's stock was down 29% through early December even as the wider market rallied. Beyond Meat shares are now down over 90% since their record-high close in late January of 2021.
A lot has changed in that period, but the most impactful shift has been weaker consumer demand for plant-based meat alternatives. Unfortunately, those industry conditions aren't likely to improve significantly in 2024. Beyond Meat is facing some other challenges, too, that could make the coming year another rough one for shareholders.
Beyond Meat seemed to have a diverse business before this latest demand slump, but investors have new reasons to doubt its ability to grow in a volatile sales environment. The retail segment -- the one that caters to grocery stores and big-box retailers -- was down 36% in the first three quarters of 2023. Beyond Meat didn't fare much better in the food service division, either, which declined 27% in the core U.S. market.
Source Fool.com
