RIP Fake Meat

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By Dwain Duxson

RIP Fake Meat - Going by the commentary we have been reading lately, the fake meat trend is all but done. Consumers are turning their back on this plant-based trend that peaked a few years ago. 

Many companies that set themselves up during those early days quickly developed heady valuations, which then saw others jump on board. Beyond Meat once had a market capitalisation of $US11.2 billion. Today, it's valued at $US775 million. I won't bore you with the others who have also fallen off the cliff. These businesses are losing money hand over fist, and there is no upside in sight.

Most of this fake meat is made from Plant Protein, and Farmers grow the plants, so the main ingredients come from Agriculture. I'd suggest the plant protein industry has a big future that lies in other products other than fake meat. I'm sure it will be a growing industry for Farmers to supply into. 

But the issue many consumers had with these products was that they hijacked already established names and brands like meat, burgers, chicken, beef, nuggets, etc. This might have been partly to blame for the industry's demise. If they had rolled out names unrelated to meat, they may have been a chance. But when it's all boiled down, it probably came back to the taste of these products, and they tasted pretty crappy. People tried it but ended up wanting the real stuff. So now, it looks like RIP fake meat. 

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