It seems that the hype bubble around ultra-processed and GMO (in the case of Impossible Foods) fake meat has well and truly burst. Beyond Meat and Impossible Foods wanted to upend the world’s $1 trillion meat industry. But plant-based meat is turning out to be a flop. Supermarket sales of refrigerated plant-based meat plummeted 14% by volume for the 52 weeks ended December 4. Orders of plant-based burgers at restaurants and other food-service outlets for the 12 months ended in November were down 9% from three years earlier. Beyond lost sales in almost every channel last quarter. Over the past year it laid off more than 20% of its workforce, lost more than half of its high-ranking executives and halted projects, including vegan hot dogs and the next alt-protein frontier of cell-cultured meat. Beyond’s stock price is now around $16, down about 76% from a year earlier and roughly 93% from its peak in the summer of 2019. Impossible is faring better, but shares are currently trading at around $12 – about half the price during its last fundraising round. The likely reason for the decline is that the incremental benefits are eventually offset by concerns over what else might be in there. Many meat eaters initially excited by fake meat, who didn’t mind the not-quite-there taste or texture, eventually took a closer look at the ingredient list and couldn’t figure out whether they were actually trading up. Dr Michael Greger, author of How Not to Die, says, “Nobody should be under the illusion that these are health foods." Bloomberg (register for limited access or subscribe for full access)

 

 

Environmental and food groups are taking Health Canada to Federal Court to challenge its decision to approve the renewal of a pesticide that contains glyphosate as an active ingredient. The lawsuit has been filed by Ecojustice on behalf of four groups and comes in the wake of the January 11 release of an American research study that found that people exposed to glyphosate have biomarkers in their urine linked to the development of cancer and other diseases. In December, Health Canada renewed the registration for the herbicide Mad Dog Plus for five more years. The product, which contains glyphosate as the active ingredient, is used on a variety of crops and trees but Health Canada renewed the registration without updating the risk assessment for glyphosate. Saltwire

 

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