Five years ago, plant-based meat alternatives garnered attention after major U.S. fast food chain Burger King added the Impossible Whopper to its menu. Soon, other restaurants followed suit. McDonald's, Starbucks, Panda Express and KFC all dished out meat items branded as “impossible” and “beyond” and, for a while, consumers ate it up, not just in drive-thrus, but at grocery stores as well. Plant-based meat sales — and outside investment — took off, especially gaining attention in the early days of the pandemic when some slaughterhouses were shut down.
Despite the largely optimistic outlooks of environmentalists, animal advocates, stakeholders and foodies alike between 2019 and 2022, the success of plant-based meat dipped dramatically in 2023. The future of plant-based meat alternatives is no longer as certain as it once was. Early last year, Impossible Foods laid off 20% of its workforce and Beyond Meat 19%. Unit sales between 2021 and 2023 fell by 26% with an increase in cost.
