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.
Welsh rock star Bonnie Tyler said she will never get bored of singing Total Eclipse Of The Heart as she received an MBE at Windsor Castle.
The musician, originally Gaynor Sullivan from Skewen, Wales, has been a dedicated ambassador for the Prince of Wales trust for several years, and she had the opportunity to meet Prince William and his family at Cardiff Castle. Despite not expecting the prince to be a fan of her music, she fondly recalled a kind gesture from their initial encounter. During a concert in Cardiff for the Queen’s Jubilee, the Prince of Wales arrived with Catherine and the children, mentioning that he had played some of her music to his family on the way to the event so they would recognize her.
Upon receiving her MBE from the Prince of Wales, Tyler expressed her delight in engaging in a pleasant conversation with Prince William. She recounted that the Prince wore a warm smile as he inquired about her experiences on tour, expressing his pleasure in seeing her once again. With a career spanning over five decades in the music industry, Tyler has released more than 15 albums. Despite her extensive accomplishments, she remains humble and expressed her gratitude for the opportunity to collaborate with some of the world’s finest producers and songwriters. Reflecting on her recent tour in Brazil and South America, Tyler acknowledged that she receives greater recognition in other countries. Looking ahead, she revealed her upcoming plans for a significant tour later in the year, while also mentioning her upcoming visits to Denmark and Brussels in March.
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