Grocery Stores and Restaurants Are Dropping Beyond Meat
Demand for plant-based meat in the U.S. is weakening following a pandemic-era boom. Not helping the situation is a proliferation of plant-based meat brands. Impossible Foods and Beyond Meat (NASDAQ: BYND) are the best-known options, but a typical supermarket now has multiple other brands for sale.
Beyond Meat has not fared well in this highly competitive environment. Demand for its products has tumbled, the prices it's able to get from grocery stores and restaurants per pound have slumped, and cash is flying out the door.
In the first quarter of 2024, Beyond Meat's revenue slumped 18% year over year to $75.6 million. Gross margin was a measly 4.9%, and net loss was a whopping $54.4 million. Volumes dropped 16.1% while net revenue per pound slipped 2.3%. The company's struggles with demand extend to international markets as well, where revenue crashed 21.5% in the first quarter.
Source Fool.com
