The sales of plant-based meat products have decreased in 2022, leading some to believe that the industry, which was seen as a solution to the agriculture sector’s climate impact, may have just been a fad.
Bloomberg reports that supermarket sales of refrigerated plant-based meat dropped 14% in 2022 and restaurant sales also decreased by almost double digits.
Beyond Meat, a leading fake meat manufacturer, saw its stock drop 76% and had to lay off 20% of its staff.
Many attribute the decline in sales to the revelation that plant-based meats may not be as healthy as advertised or due to inflation, with customers considering the product a luxury item in light of a potential recession.
