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...Plant-based meat substitutes were supposed to topple King Beef bellowing from its throne. But high prices and concerns about excessive processing meant sales of faux meats have not matched the hype....
...Shares in Beyond Meat, for instance, surged after its 2019 initial public offering, with the company’s market capitalisation hitting almost $12bn....
...Shares in industry leader Beyond Meat surged after its initial public offering in 2019, with the company’s market capitalisation hitting nearly $12bn....
...There are now more than 60 plant-based meat companies, each with more than $500,000 in retail sales, according to The Good Food Institute. The catalogue of problems puts Beyond Meat in a tight spot....
...CBOE’s BZX equities exchange features in the second chart because of just one stock, CBOE Global Markets Inc. None of this constitutes a scoop, we’ll be honest, but it’s a Friday....
...“I don’t think Beyond Meat will be bought by a company like JBS or Tyson,” Shah said, referring to two of the largest legacy meatpacking companies....
...Cargill, one of ADM’s biggest rivals, also has a goal of transitioning 10mn acres in North America to regenerative agriculture by 2030, and Brazilian meat-producer JBS has ringfenced $100mn for research...
...Instead, the company reported a 10 per cent drop in sales last year. That was after just 14 per cent growth in 2021, which had been helped along by keen inventory management. It gets worse....
...Even assuming Beyond Meat stabilises its business, the basic premise of the company has changed....
...The plant-based meat company alarmed investors last year when its gross margins turned negative in the second quarter and it cut its revenue outlook as people turned away from meat substitutes and production...
...Beyond Meat has slashed its sales forecast and revealed a plan to cut its workforce by almost a fifth, the latest company in the nascent plant-based meat sector to reveal a hit from inflation and rising...
...But there’s little meat behind the move. Crypto volumes dropped to the lowest level since 2020 in the last quarter, according to data from Kaiko. Cryptofinance is edited by Philip Stafford....
...The company said in September that it would spend $400mn on advertising and store renovations to revive US sales. In November, it brought in Patrick Doyle as executive chair....
...Canadian meat group Maple Leaf Foods is among those companies warning that hopes for a quick rebound in sales are fading....
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...Many have been forced to review their business models while others, such as listed alternative protein companies Beyond Meat and Oatly, have cut their levels of capital expenditure as well as their workforce...
...The same is simply not true for a car, a medicine or even a new flavour of packaged meat. They have to work correctly and meet regulatory standards right off the bat....
...CO₂, which is used by meat suppliers to stun animals before their slaughter, and the beer and soft drinks industries, is a byproduct of ammonia production....
...Tyson Foods O: 7; L: 7; I: 8; Total: 22 The legal team at the US meat supplier has implemented a programme to measure and analyse the value of legal work, producing detailed metrics for each matter and practice...
...A version of this article was first published by Nikkei Asia on July 4. ©2023 Nikkei Inc. All rights reserved....
...such as those creating plant-based alternatives to meat....
...He is the 32-year-old son of Tyson chair John H Tyson and the great-grandson of the founder of the American meat-processing company....
...Analysts estimate the company will generate a hefty $2bn of free cash flow annually through 2024, not bad for a $33bn company....
...The firm is mostly looking at companies in the technology sector, he added....
...The company in June announced that it would mothball its factory at Ince....
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