In this file:

 

·         Beyond Meat Cuts About 40 Jobs in Cost-Cutting Move

    Cuts are said to hit operations team in multiple locations

    Analyst says faux meat maker is burning through its cash

 

·         Wheels falling off the fake-meat wagon

Synthetic meat is filled with more preservatives, sodium, calories and fat

… Beyond Meat, the publicly traded industry leader, reported a net loss of $100.5 million in the first quarter of this year...

 

 

 

Beyond Meat Cuts About 40 Jobs in Cost-Cutting Move

 

    Cuts are said to hit operations team in multiple locations

    Analyst says faux meat maker is burning through its cash

 

By Deena Shanker, Bloomberg 

August 3, 2022

 

Plant-based meat maker Beyond Meat Inc. eliminated about 40 positions as part of a broader cost-cutting plan, Chief Executive Officer Ethan Brown told employees in an internal memo.

 

“While difficult, this decision is one piece of our larger strategy to reduce operating expenses and support sustainable growth,” Brown said in the memo viewed by Bloomberg.

 

Workers from the operations team in multiple locations were affected, according to people familiar with the matter. The company, which reported having about 1,100 employees at the end of last year, is scheduled to report earnings on Thursday afternoon.

 

The stock slipped 0.2% in early trading at 7:19 a.m. in New York.

 

Once a Wall Street darling, Beyond Meat has struggled to turn partnerships with some of the world’s biggest restaurant companies, such as McDonald’s Corp. and Yum! Brands Inc., into profitable endeavors. And while the company is a pioneer in the development of plant-based products that imitate meat’s feel and taste, its efforts to ramp up production and create new products have been marred by setbacks. Competition has also intensified.

 

Even as the company announces new products, it is still figuring out the best ways to make them, sometimes at great expense. On its May earnings call, Chief Financial Officer Phil Hardin described the initial production process for its faux jerky, launched with PepsiCo Inc., as both “expensive and inefficient.”

 

Wall Street has turned pessimistic: The company’s shares have fallen almost 50% so far in 2022. They declined a similar amount in 2021...

 

more

https://www.bloomberg.com/news/articles/2022-08-03/beyond-meat-eliminates-about-40-positions-in-cost-cutting-move

 

 

Wheels falling off the fake-meat wagon

Synthetic meat is filled with more preservatives, sodium, calories and fat

 

By Richard Berman, Opinion, The Washington Times

August 3, 2022

 

Berman is president of Berman and Co. in Washington.

 

Critics touted Google Glass as the future of wearable technology. But that all imploded when consumers started raising serious concerns regarding safety, functionality and — most importantly — the lack of coolness.

 

Critics have similarly been calling imitation meat products the future of food. But just like Google Glass, the wheels are falling off the wagon.

 

Initially, fake meat received traction for three reasons: consumer curiosity, a belief that “plant-based” equates to healthy, and an aggressive public relations campaign led by those investing in the products. But now consumers are learning about how the fake sausage is made — and the ingredients aren’t impressive.

 

Synthetic meat products are ultra-processed and filled with preservatives, including loads of sodium. Impossible chicken nuggets, for example, have more calories, fat and sodium than real chicken nuggets. And although the Beyond Burger patty has slightly fewer calories, it has nearly five times the sodium of a real beef patty.

 

Plant-based meat alternatives often have comparable levels of protein, but two recent studies reveal even that is misleading.

 

The first study, which was published in the Journal of Agricultural and Food Chemistry, revealed that protein found in fake chicken products — often soybean concentrate and wheat gluten — is not absorbed by the body as well as the protein in real chicken. A second study from the University of Auckland found a similar pattern with imitation beef products.

 

Synthetic meat products are often touted as a safer option, but that too has recently unraveled.

 

Daily Harvest, a plant-based meal-kit company, is facing a lawsuit after roughly 470 people suffered severe digestive problems — which resulted in at least one hospitalization — after eating fake taco meat. But it doesn’t take contamination for fake meat products to cause severe illness. Sometimes, the ingredients of a “plant-based” chemical brew trigger an allergic reaction.

 

The company Quorn, for example, was tied to some severe allergic reactions after consumers ate imitation chicken cutlets. The fake chicken was developed with mycoprotein made from fermented fungus. Any marketing professional could have told the early investors that chicken fungus was never going to be the next new thing.

 

Fake meat products lack the nutrition — and the taste — of real meat. But its novelty did capture the national media and sparked initial consumer interest. But fads, by definition, are not trends. As the buzz dies down, fake meat is quickly becoming mincemeat.

 

Beyond Meat, the publicly traded industry leader, reported a net loss of $100.5 million in the first quarter of this year...

 

more, including links

https://www.washingtontimes.com/news/2022/aug/3/wheels-falling-off-the-fake-meat-wagon/