How Beyond Meat and the plant-based meat industry lost their allure

Group 1 - Beyond Meat experienced a strong IPO debut in 2019, with significant sales growth and stock price increases due to improved product taste and partnerships with restaurants and retailers [1] - The overall plant-based meat market reached $1.3 billion in 2020, marking a 46% increase from 2019, reflecting the initial excitement around meat substitutes [1] - Initial expectations suggested that plant-based meat could capture a market share similar to that of plant-based beverages in the cow's milk market, with potential market size estimates ranging from $20 to $30 billion over a decade [2] Group 2 - The plant-based meat industry has faced declining sales, layoffs, and factory closures in recent years, contrasting sharply with earlier growth trends [2] - Beyond Meat's stock price has plummeted from a high of $239 in 2019 to just above $3 today, indicating significant challenges for the company [2] - The anticipated disruption to the food supply and threat to the beef industry has not materialized as expected, raising questions about the future of Beyond Meat and the broader plant-based meat sector [3]