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.
When we are 20 years old, our concern revolves around the opinions of others about us.
When we reach the age of 20, our preoccupation lies in the thoughts others have about us. By the time we turn 40, we no longer concern ourselves with their opinions. And as we reach 60, we come to realize that they haven’t been contemplating us at all.
The statement about age’s significance was not originally attributed to Ann Landers.
In March, we disproved a Facebook post that falsely attributed the quote to Winston, which stated: “At 20, you’re concerned about others’ opinions; at 40, you stop caring about what others think; at 60, you realize no one ever thought about you at all.”
If we advance seven months, we encounter an almost identical post, except this time the statement is credited to the deceased advice columnist Ann Landers.
The post titled “Aging Gracefully” starts with the statement, “In our twenties, we are concerned about the opinions of others. By the time we reach our forties, we no longer bother about what they think. And when we turn sixty, we realize that they haven’t been giving us any thought at all.”
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