Plant-based meat company Beyond Meat saw revenues fall by almost a third in the second quarter of 2023, blaming the decline on weak demand, particularly from the United States.
Net revenues for Q2 came in at $102.1 million, which is a 30.5 percent drop year-over-year, according to an Aug. 7 press release. “The decrease in net revenues was driven by a 23.9 percent decrease in volume of products sold and an 8.6 percent decrease in net revenue per pound. The decrease in volume primarily reflected weak category demand, especially in the Company’s U.S. retail and U.S. foodservice channels, and the cycling of a particularly strong second quarter in 2022.”
