The plant-based meat industry surged in 2020.
But now, some companies are experiencing slowing sales and layoffs.
They can’t just blame inflation — Americans might just not want their products.
Plant-based meat looked poised to change the world — but then Americans stopped buying it.
In 2020, retail sales of plant-based meat grew 45%, surpassing the $1 billion mark for the first time. Increasing awareness of companies like Beyond Meat and Impossible Foods, in addition to climate change and animal welfare concerns, nudged many Americans to give fake meat a shot.
The nature of the pandemic helped sales as well. Many consumers were facing meat shortages, had extra cash to spend, and were looking for something new to break up the day-to-day monotony.