Earth's population recently surpassed 8 billion people, which underlines the importance of new and sustainable resources. Plant-based foods are a growing alternative to meats -- and according to Brand Essence Research, these products represented a $42 billion market in 2021 and could grow to $94 billion by 2028. The stock market's been quite bearish over the past year, and Beyond Meat isn't the only stock to see its share price plummet.
Beyond Meat (NASDAQ: BYND) was one of the hottest initial public offerings (IPOs) in 2019. Investors wanted all they could handle of the plant-based meat craze, and Beyond Meat stock was able to give it to them. Beyond Meat is one of the leading plant-based meat retailers around the world, with a large presence in the United States.
Plant-based meat alternatives had a high wall to surmount in getting more than a narrow band of consumers with a vegetarian or vegan lifestyle interested in its product. While also holding a certain appeal to resource conservationists and those concerned with animal welfare, upending the $1 trillion meat industry was always going to be a difficult challenge. Bloomberg recently cited data from market research firm IRI showing the volume of grocery store sales of plant-based meat was down 14% for the 52-week period ending Dec. 4, while restaurant sales were down 9% at the end of November.