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.
JUST IN: Meghan Markle Will Launch a New Makeup Brand and We Can’t Wait to Try It
In a move that has beauty enthusiasts and royal watchers buzzing with excitement, Meghan Markle, has announced plans to launch her very own makeup brand. With her impeccable sense of style, natural elegance, and commitment to authenticity, Meghan is about to bring a fresh perspective to the beauty industry.
In a recent trademark application for her lifestyle brand, American Riviera Orchard, it’s been revealed that Meghan is expanding her brand to include cosmetics and beauty products, signaling her intent to carve a niche in the beauty industry.
But the news of Meghan Markle’s venture into the cosmetics world comes as no surprise to those who have followed her journey. Even before her days in the royal spotlight, Meghan has always been an advocate of natural beauty and self-expression. From her early acting career to her philanthropic endeavors, Meghan has consistently emphasized the importance of feeling confident in one’s own skin.
Among the beauty products listed in the trademark application are fragrance sachets, skin care preparations, bath and shower gels, hair care products, body creams, cosmetics, and more. From indulgent bath oils to rejuvenating body lotions, Meghan’s brand promises to deliver a sensorial experience that embodies her spirit of self-care and self-expression.
Meghan’s venture into the beauty industry comes at a time when consumers are increasingly seeking authenticity, sustainability, and inclusivity in the products they purchase. By using her platform and influence, Meghan has the opportunity to shape the future of beauty and make a positive impact on the lives of individuals around the world.
Preview photo credit Archewell/Ferrari Press/East News, Bobbi Brown Cosmetics / Facebook
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