文 | 红餐网 桂湘 编辑 | 李唐 据南方都市报，近日，"植物肉第一股"植别样肉客（Beyond Meat）在天猫、拼多多的旗舰店终止运营引发行业关注。 图片来源：别样肉客天猫旗舰店官方链接显示页面截图 除关店外，另据华夏时报，有接近别样肉客的经销商透露，其在嘉兴的工厂也已经停产。同时红餐网还注意到，目前别 样肉客官方微博与公众号的更新停留10月1日。 对于这些收缩性的举措，有业内人士分析认为，可视作其退出中国市场的具体表现。 作为"植物肉"赛道的明星品牌，别样肉客在国内有过辉煌的过往，并与不少头部餐饮品牌开展过深度合作。 比如早在2020年，别样肉客就借与星巴克中国的合作，开始进入中国市场。据了解，当年4月星巴克上线与其合作推出的 青酱意面等3款植物牛肉轻食产品，售价在59-69元。其中有消费者打卡后反馈表示，"没想到植物肉还挺好吃的"、"还是 更想吃真肉"、"69块流着泪也要喊香"……另据全天候科技，星巴克店员当时提到，植物肉产品主要受素食主义者欢迎。 同年6月，别样肉客又与百胜中国达成合作，并在肯德基、必胜客、塔可钟的指定门店限时推出植物肉相关产品。其中别 样肉客与肯德基合作的"植培牛肉芝士汉堡"受到 ...

Core Insights - Beyond Meat's product appeal has diminished due to high prices and shifting consumer sentiment [1][10] - The stock has experienced significant volatility, dropping over 70% year to date, with a brief spike in mid-October [1][6] - The company is facing declining sales and increasing net operating losses, indicating challenges for long-term growth [9][8] Sales Performance - Sales are declining across all segments except for international foodservice, which saw a modest increase of 2.4% [5] - U.S. revenue has decreased by 21% year over year, while international revenue has dropped by 13.3% [5] - The overall trend shows a loss of market share in a cooling plant-based meat industry [7] Financial Metrics - Beyond Meat's current market capitalization stands at $503 million [6] - The gross margin is reported at 5.98%, indicating pressure on profitability [7] - Net operating losses have increased to $34.9 million, up from $30.9 million in the same quarter last year, excluding a one-time impairment loss of $77.4 million [8] Industry Trends - The plant-based meat industry is experiencing a decline from its peak success in 2021 and 2022 [7] - Consumer sentiment towards ESG (Environmental, Social, and Governance) initiatives has weakened, impacting Beyond Meat's positioning as an environmental alternative [10][11] - Rising living costs and reduced emphasis on virtue signaling have made Beyond Meat's products less appealing [12]

Core Insights - The plant-based meat industry is gaining attention due to increasing consumer awareness of healthy eating and sustainability, with unique taste and nutritional value driving demand [1][9] - The market for plant-based meat in China saw a decline in 2022, with a 5.6% year-on-year decrease, but is expected to recover, reaching a market size of 10.5 billion yuan by 2025, a 10.5% increase [1][9] Industry Overview - Plant-based meat is made from plant proteins like soy and peas, mimicking the texture and flavor of animal meat, and offers health benefits such as zero cholesterol and high essential amino acids [1][3] - The industry has evolved through five stages, from early exploration (1970s-2008) to commercialization (2009-2018), explosive growth (2019-2021), a cooling adjustment period (2022-2024), and now a phase of transformation and standardized development [4][5][6] Market Dynamics - The global plant-based meat market is projected to grow from $12.1 billion in 2019 to $16.5 billion in 2024, with a compound annual growth rate (CAGR) of 6.4% driven by health and sustainability concerns [9] - In China, the market is expected to recover and grow, with companies diversifying their product offerings to adapt to local tastes and preferences [1][9] Competitive Landscape - Major players in the global market include Beyond Meat and Impossible Foods, while in China, companies like Yantai Shuangta Food Co., Ltd., Jinzi Ham Co., Ltd., and Shenzhen Qishan Food Co., Ltd. are key competitors [2][10] - Jinzi Ham has developed various plant-based products and was the first to sell plant-based meat in China, while Shuangta Food focuses on pea protein and has established a dedicated plant-based meat team [10][12] Development Trends - The industry is expanding into Chinese culinary contexts, with products like dumplings and hot pot meatballs emerging, while technological advancements are improving taste and texture [13] - A standardized labeling and safety framework is expected to enhance consumer trust and market growth, alongside a diversification of raw materials beyond soy and peas to include microalgae and yeast proteins [13][14]

Core Viewpoint - The company "Beyond Meat," known for its plant-based meat products, is facing significant operational challenges, including plans to terminate its online store in China by November 2025 and a substantial decline in revenue and increasing losses over recent years [2][4]. Group 1: Company Overview - Beyond Meat, founded in 2009 and headquartered in El Segundo, California, is one of the earliest companies focused on the research and production of plant-based meat [4]. - The company went public on NASDAQ in 2019 and offers products such as plant-based beef patties, pork, and chicken [4]. Group 2: Financial Performance - Beyond Meat's revenue has been under pressure, with reported revenues of $419 million in 2022, $343 million in 2023, and projected $326 million in 2024, alongside net losses of $366 million, $338 million, and $160 million for the same years respectively [4]. - For the third quarter of 2025, the company reported revenues of $214 million, a year-over-year decrease of 14.37%, and a net loss of $193 million, which is an increase from a net loss of $115 million in the previous year [4]. Group 3: Strategic Decisions - In response to ongoing financial pressures, Beyond Meat announced a "cost-cutting" strategy, which included suspending operations in the Chinese market and reducing its workforce by 95% [4]. - The closure of its online channels in China appears to have been part of a premeditated plan due to the declining performance in the plant-based meat sector [4].

Core Insights - Beyond Meat, known as the "first plant-based meat stock," has terminated its Tmall flagship store operations as of November 27, 2023, and its Pinduoduo store is no longer selling any products [1][11] - The company had previously announced plans to suspend its operations in China by the end of June 2023, including a significant reduction of its workforce by 95% [3][9] - The decline in interest for plant-based meat in China has led to major partners like Starbucks, KFC, and Nestlé ceasing their plant-based meat offerings [12][16] Company Operations - Beyond Meat was founded in 2009 in California and went public on NASDAQ in May 2019, with an initial stock price surge of 163%, reaching a market cap of approximately $3.83 billion [4] - The company initially viewed China as a strategic market, launching products in collaboration with Starbucks in April 2020 and expanding partnerships with KFC and other brands [6][8] - Despite early optimism, the company announced in February 2025 that it would officially pause operations in China, citing the need to improve profit margins [9] Market Trends - The plant-based meat market in China has seen a significant decline, with major brands like Starbucks and KFC no longer offering plant-based products [12][18] - Beyond Meat's revenue has been on a downward trend since 2022, with projected revenues of $465 million in 2021, dropping to $327 million in 2024, and a net loss of $193 million in the first three quarters of 2023 [12] - The company's U.S. market also experienced a decline, with retail channel revenues down 18.4% and food service revenues down 27.3% in the latest quarter [12][13] Industry Challenges - The overall demand for plant-based meat in China is weak, as consumers still prefer traditional meat options, making it difficult for plant-based alternatives to gain traction [18] - Other major companies, including Nestlé and Unilever, have also scaled back or exited their plant-based meat initiatives in China, indicating a broader trend of reduced interest in the category [16][18]

Core Viewpoint - Beyond Meat, the first publicly traded plant-based meat company, has decided to suspend its operations in China, marking a significant retreat from a market it once viewed as strategic for growth [4][10]. Group 1: Company Operations - Beyond Meat's Tmall flagship store has ceased operations as of November 27, and its Pinduoduo store no longer sells any products [2][10]. - The company had previously announced plans to cut 95% of its workforce in China by the end of June 2023 to reduce operational costs [4][10]. - Despite inquiries about a potential return to the Chinese market, Beyond Meat has not provided any responses as of the latest report [4][10]. Group 2: Market Context - The demand for plant-based meat in China has significantly declined, with major brands like Starbucks, KFC, and Nestlé ceasing to offer plant-based products [10][11]. - Beyond Meat's revenue has been on a downward trend since 2022, with projected revenues of $4.65 billion in 2021, dropping to $3.27 billion in 2024, alongside increasing net losses [11]. - The company's U.S. market also reflects a decline, with retail channel revenues down 18.4% and food service revenues down 27.3% in the latest quarter [11][12]. Group 3: Industry Challenges - The overall market for plant-based meat in China is facing challenges, as consumer preferences lean towards traditional meat products, making it difficult for plant-based alternatives to gain traction [17]. - Other companies, including Nestlé and Unilever, have also exited or scaled back their plant-based meat operations in China, indicating a broader industry retreat [15][17].

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," has independently terminated its Tmall flagship store operations, reflecting a significant retreat from the Chinese market due to declining demand for plant-based products [1][5][8]. Group 1: Business Operations - Beyond Meat announced in February that it would suspend operations in China by the end of June, planning to reduce its workforce by 95% [5][8]. - The company had previously viewed China as a strategic market, launching products in collaboration with major brands like Starbucks and KFC [6][7]. - As of November 27, Beyond Meat's Tmall flagship store ceased operations, and its Pinduoduo store no longer sells any products [1][8]. Group 2: Market Challenges - The demand for plant-based meat in China has significantly declined, with major partners like Starbucks, KFC, and Nestlé halting or selling off their plant-based product lines [9][12][14]. - Beyond Meat's revenue has been on a downward trend since 2022, with projected revenues of $4.65 billion in 2021, dropping to $3.27 billion in 2024, and net losses increasing from $1.82 billion to $1.60 billion over the same period [9][11]. - In the U.S. market, Beyond Meat has also experienced a decline in sales, with retail channel revenues down 18.4% and food service revenues down 27.3% in the latest quarter [11]. Group 3: Industry Trends - The overall market for plant-based meat in China is cooling, with various brands, including local ones, also facing challenges in maintaining product offerings [12][13]. - Nestlé and Unilever have both scaled back their plant-based meat initiatives in China, indicating a broader industry trend of reassessing the market potential for plant-based products [13][14].

Core Viewpoint - Beyond Meat has officially ceased its operations in the Chinese market, closing its Tmall flagship store and halting all e-commerce sales channels in China, following an earlier announcement to pause its business in the region [1][5]. Group 1: Company Actions - Beyond Meat closed its Tmall flagship store and has also stopped operations on Pinduoduo, marking the end of its e-commerce presence in China [1][3]. - The company announced in February 2024 that it would pause its Chinese operations as part of a global restructuring plan, with activities expected to cease by the end of the second quarter of 2025 [5]. - The decision to halt operations in China is part of cost-cutting measures aimed at reducing operational expenses, with expected savings of approximately $500,000 to $1 million in cash compensation costs [5]. Group 2: Financial Impact - In the third quarter of 2025, Beyond Meat reported a net revenue of $70.2 million, a year-on-year decline of 13.3%, with losses widening to $110.7 million compared to $26.6 million in the same period last year [5]. - The cessation of operations in China resulted in $1.7 million in related costs, including accelerated depreciation and inventory impairment, negatively impacting gross profit [5]. Group 3: Industry Context - Beyond Meat entered the Chinese market in 2020, which was considered the "year of plant-based meat" in China, alongside other brands like The Vegetarian Butcher and Garden Gourmet [6]. - Despite initial success, the plant-based meat industry in China began to cool down in the second half of 2021, leading to the exit of several brands, including Hey Meat, which had its business license revoked in April 2023 [6]. - Other brands, such as Garden Gourmet and The Vegetarian Butcher, have also faced challenges, with the latter being sold by Unilever and its team disbanded [7].

Core Insights - The plant-based meat sector is experiencing renewed interest, highlighted by the stock price fluctuations of Beyond Meat, which saw a significant rise followed by a decline [1][24] - Despite initial hype, the plant-based meat industry has faced challenges such as taste, high prices, and market saturation, leading to a reevaluation of its potential [2][24] - Experts remain optimistic about the future of the domestic plant-based market, driven by increasing health and environmental awareness [2][26] Industry Overview - Plant-based meat was once considered a new trend in the food industry, with significant investment and market entry from various players between 2019 and 2022 [22][24] - The number of plant-based meat companies surged during this period, with 35 financing events recorded, primarily between 2019 and 2022 [22][24] - Major brands, including both local and international players, have entered the market, offering a variety of plant-based products in restaurants and retail [23][24] Product Evaluation - Recent evaluations of plant-based meat products revealed significant differences in taste and texture compared to traditional meat, with many products failing to meet consumer expectations [3][11] - Price comparisons show that some plant-based products are more expensive than their meat counterparts, raising concerns about consumer acceptance [4][15] - Nutritional assessments indicate that while some plant-based options offer lower energy and fat content, they may also contain higher sodium levels, which poses health risks [13][14] Market Challenges - The plant-based meat industry is undergoing a "shakeout," with many companies facing declining revenues and market exits due to high costs and product quality issues [24][25] - The industry's initial strategy of directly comparing plant-based products to meat has led to consumer disappointment, as many products do not deliver the expected taste and texture [24][25] - The need for a shift in marketing strategy is emphasized, focusing on the unique benefits of plant-based products rather than direct competition with meat [25][26] Future Directions - Industry experts suggest that the future of plant-based meat lies in emphasizing its unique nutritional and environmental benefits rather than positioning it as a meat substitute [25][26] - There is a call for improved product development, focusing on taste and cost-effectiveness to enhance consumer acceptance and encourage repeat purchases [26][27] - Collaboration with the restaurant sector is seen as crucial for increasing consumer exposure and acceptance of plant-based products [27]

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," reported a 14.73% decline in revenue for the first three quarters of 2025, with net losses widening, prompting a strategic shift to expand beyond plant-based meat products and seek new growth models [1][2]. Financial Performance - For the first three quarters, Beyond Meat achieved a total revenue of $214 million, a year-on-year decrease of 14.37%, and a net loss of $193 million, compared to a net loss of $115 million in the same period last year [1][2]. - In Q3 alone, revenue was $70.22 million, down 13.32% year-on-year, with a net loss of $111 million, significantly larger than the $26.58 million loss in the same quarter last year [1][2]. Sales Decline Factors - The revenue decline is attributed to a 10.3% decrease in product sales and a 3.5% drop in average selling price, influenced by reduced distribution points in U.S. retail channels and decreased sales to fast-food clients in international food service [2]. - Non-operating factors, including non-cash impairment charges related to certain long-term assets, contributed to the widening net loss [2]. Market Challenges - The current demand weakness for plant-based meat is believed to stem from the products' inability to meet mainstream market needs, as indicated by the product lifecycle theory, suggesting that plant-based meat remains in a niche market without a solid consumer base [2]. - Significant gaps in taste, price, and nutritional composition compared to real meat, along with stable or declining prices for traditional meat, further compress the market space for plant-based alternatives [2]. Strategic Shift - To address the current challenges, Beyond Meat is implementing a transformation plan, shifting focus from meat imitation to traditional plant proteins, and gradually phasing out the "Meat" label [4]. - This strategic pivot is seen as rational, aligning with health food trends and leveraging existing supply chains to enhance gross margins, while also exploring new product forms like ready-to-eat protein bars and plant-based milk [4].