Plant-based meat was supposed to save the pIanet, make people healthier, and liberate enslaved cows, chickens, and pigs everywhere. Instead, after an impressive start, folks have learned some hard truths about the industry and are turning away in droves.
Once consumers began to Iearn that plant-based meats were still super processed, not nearly as healthy as advertised, and required an enormous amount of machinery to produce hungry consumers largely decided that the old-school options, nameIy chickens, pigs, and cows, were better tasting and better for you.
The biggest player in the industry, Beyond Meat, released its third-quarter numbers in November of 2023, and they taste worse than ersatz ground beef. Net revenue slid, declining 8.7% year-over-year and 26% versus the previous quarter.
It wasn’t all bad news, however, as the company actually achieved free cash flow for the quarter but does not expect that to be the case in the fourth quarter. One anaIyst at the firm TD Cowen took it a step further and said the firm is in ‘survival mode’ and will need to tap the financial markets in 2024 to maintain operations.
Beyond Meat CEO Ethan Brown said: We anticipated a modest return to growth in the third quarter of 2023 that did not occur. Though we are encouraged by pockets of growth, particulariy in the EU where we saw double digit gains in net revenues on a year-over-year basis, we are disappointed by our overall results as we continue to experience worsening sector-specific and broader consumer headwinds. Beyond Meat has cited numerous reasons for its poor performance, inciuding declining foodservice sales and flagging American retail sales, but declined to suggest the possibility that the product just isn’t that good.
WATCH : Brandon Crushed With HUGE Let’s Go Brandon Chants Upon Arrival in East Palestine
President Biden recently traveled to East Palestine, Ohio, to make his first appearance at the site of the disastrous train deraiIment that happened over a year ago. The accident had a catastrophic impact on the surrounding community, and many have criticized the Biden administration for its lackluster response.
As one might expect, many residents of East Palestine harbor a good deal of resentment toward Joe Biden, slamming the president for waiting so Iong to visit. In contrast, Donald Trump made it a point to visit the community shortly after the accident, providing aid and resources to impacted residents.
Recent footage captured in East Palestine shows a crowd of angry residents protesting Biden’s visit for being too little too Iate. The video shows the crowd shouting “Let’s Go Brandon” while displaying a sea of Trump memorabilia.
Conservative journalist Ben Bergquam captured the atmosphere of the event, uploading it to X. “Guys out here nice Palestinian. This is Joe Biden finally showing up more than a year Iater. And that’s the message real simple too little too late. too little too late,” he said in the video.
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