Meat substitute manufacturer Beyond Meat sees demand decrease significantly | Economy

The net loss amounted to 50.7 million euros. In the first three months of last year there was a loss of 55 million euros. The loss was greater than market experts had expected.

Turnover fell partly because customers such as McDonald’s and Yum Brands, the owner of fast food chains KFC, Taco Bell and Pizza Hut, purchased less. The company also had to give higher discounts to sell its vegetarian alternatives to burgers and sausages.

In addition to declining demand, Beyond Meat is also struggling with higher production and raw material costs. The El Segundo, U.S.-based company said it is facing “continued weak demand in the plant-based meat category, inflation, high interest rates and concerns about the potential for a recession.”

The manufacturer of meat substitutes had to adjust its turnover forecast downwards several times last year due to disappointing demand. Jobs also had to be cut. Beyond Meat expects a turnover of between 293 and 321 million euros this year.

Beyond Meat, founded in 2009, produces its meat substitutes from the Netherlands, which are intended for the European market. The company bought a factory in Enschede in 2020 and entered into a production partnership with meat processor Zandbergen in Zoeterwoude that same year.