(Reuters) -Beyond Meat on Wednesday withdrew its annual sales target and forecast current quarter net revenue below estimates, citing weak consumer demand due to macroeconomic volatility and high inflation in the U.S.
The company’s shares were down 4% in extended trading. They have fallen for four years straight, and are down about 33% so far in 2025.
Plant-based meat products have struggled to take off among consumers in the U.S. who are skeptical of the products’ taste and manufacturing processes.
Faux meat is also more expensive that animal protein product and with inflation pressuring household budgets, demand has contracted further for plant-based alternatives.
“As the first quarter of 2025 progressed to a close, we saw a slowdown in consumption as the uncertain macroeconomic environment likely exacerbated category challenges,” CEO Ethan Brown said.
Weak demand has hurt faux meat makers in the U.S., with packaged foods giant Unilever also struggling to offload its plant-based meats brand Vegetarian Butcher.
The company now expects second-quarter net revenues in the range of $80 million to $85 million, compared with analysts’ average estimate of $93.5 million, according to data compiled by LSEG.
Beyond Meat had earlier forecast annual net revenue of $320 million to $335 million.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Leroy Leo)
Comments