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 Navigator-USA.com last year. “But some of the other players have their own issues that are not applicable to us.”