New York Post

Fake-meat biz fed up

Impossible Foods says it’s tainted by rival’s decline


Impossible Foods said it has generated record sales since 2016 when its fake meat first appeared on restaurant menus, and added that it’s tired of being lumped in with its struggling competitor, Beyond Meat.

In a Sunday blog post, Impossible Foods punched back at a Bloomberg Businesswe­ek report last week that described the sector as “another fad.”

The report cited the abysmal financial performanc­e of Beyond Meat over the past year and change, as well as declining sales of fake meat at supermarke­ts — down 14% — and plantbased burgers in restaurant­s — down 9% — in 2022, according to industry data.

But Impossible Foods says those numbers don’t describe its performanc­e.

Demand for Impossible Foods patties in restaurant­s, including Burger King, have grown each year since 2016 and sales of its products at supermarke­ts have grown by 50%, the company said.

“Our products have only been in grocery stores for the past 2-3 years,” according to the post. “Since our commercial debut we haven’t done any sustained marketing or advertisin­g to grow awareness. Aside from a little help from our friends (at Burger King) our audience has mostly found their way to us on their own,” the post said.

Beyond Meat’s stock price has been crushed, down to about $16, or 75% off from a year ago, and is having a “halo effect on the entire sector,” according to restaurant analyst Mark Kalinowski.

“At some point [a company] has to stand up for itself, particular­ly if it’s not experienci­ng such declines,” Kalinowski said of Impossible Foods.

Impossible Foods says it is sold at more than 30,000 stores including Costco, Trader Joe’s, Walmart and Target — up from just 150 in 2020 — and that more than 45,000 restaurant­s offer its products.

“It’s frustratin­g that the category is kind of getting a bad rap,” Impossible Foods CEO Peter McGuinness told trade publicatio­n Food last year. “But some of the other players have their own issues that are not applicable to us.”

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