(FT) Plant-based meat alternatives sales in the US plunged by 1.8% in the four weeks to October 3, with total declines in the year hitting 0.6%.
The fall in the meat alternatives now raises questions on the sector which boomed in the pandemic year 2020.
The declining sales have been reflected on sector stocks, with Beyond Meat falling following $106 million sales in the third quarter, deflecting earlier guidance of $120 million to $140 million.
US retail data group SPINS says the decline in demand for plant-based meat alternatives reflects the easing of restrictions, with more consumers now eating less at home. The sales were also affected by supply chain constraints which cut the availability of some plants in stores.
Investors still maintain a bullish view of plant-based meat, with Impossible Foods closing a $500 million funding this month, taking total capital raised since 2011 to $2 billion.
The US ranks the highest consumer of plant-based meats, with concerns of environmental impacts of meat from livestock boosting the sector. Alternative meat start-ups generated a record $1.3 billion capital in 2020.
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