Beyond Meat’s fourth-quarter net income reportedly fell $20.7 million (20.6%) from the same period in 2021. In total, about 3.3 thousand pounds less vegetable meat was sold during this period – by 17%.
The company’s founder says the decline in demand is due to “consistently high inflation, a slowdown in the economy in key markets, and increased competitive activity.”
“It seems logical that consumers would be willing to forego protein, which costs twice the animal equivalent, in times of high inflation and declining purchasing power,” the entrepreneur said.
Source: Ferra
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