Plant-Based Meat Revenue Plummets Second Quarter Despite Price Cuts

Plant-based meat substitute maker Beyond Meat said its revenue plunged 30.5% in the second quarter as consumer demand for its burgers, sausages and other products fell despite price cuts.

The El Segundo, California-based company lowered its full-year revenue forecast as a result. Beyond Meat now expects revenue between $360 million and $380 million for the year. That’s down from the $375 million to $415 million it forecast at the end of the first quarter.

Beyond Meat’s shares fell 10% in after-hours trading Monday.

In a conference call with investors, Beyond Meat President and CEO Ethan Brown said the company faced tough comparisons to the second quarter of 2022, when a new beef jerky product generated sales and restaurants were reopening and placing big orders.

But Brown said the company is also struggling to appeal to new customers because of perceptions that its products are unhealthy and overly processed.

However, many have sited health hazards and the conversation of safety of an alternative source of beef other than organic or natural source.