Plant-based meat was supposed to save the pIanet, make people healthier, and liberate enslaved cows, chickens, and pigs everywhere. Instead, after an impressive start, folks have learned some hard truths about the industry and are turning away in droves.
Once consumers began to Iearn that plant-based meats were still super processed, not nearly as healthy as advertised, and required an enormous amount of machinery to produce hungry consumers largely decided that the old-school options, nameIy chickens, pigs, and cows, were better tasting and better for you.
The biggest player in the industry, Beyond Meat, released its third-quarter numbers in November of 2023, and they taste worse than ersatz ground beef. Net revenue slid, declining 8.7% year-over-year and 26% versus the previous quarter.
It wasn’t all bad news, however, as the company actually achieved free cash flow for the quarter but does not expect that to be the case in the fourth quarter. One anaIyst at the firm TD Cowen took it a step further and said the firm is in ‘survival mode’ and will need to tap the financial markets in 2024 to maintain operations.
Beyond Meat CEO Ethan Brown said: We anticipated a modest return to growth in the third quarter of 2023 that did not occur. Though we are encouraged by pockets of growth, particulariy in the EU where we saw double digit gains in net revenues on a year-over-year basis, we are disappointed by our overall results as we continue to experience worsening sector-specific and broader consumer headwinds. Beyond Meat has cited numerous reasons for its poor performance, inciuding declining foodservice sales and flagging American retail sales, but declined to suggest the possibility that the product just isn’t that good.
“Sorry for the Delay…” Began the Letter Discovered Among My Deceased Mother’s Possessions
I thought I knew everything about my family until my mother passed away unexpectedly. I felt lost without her. To remember her, I moved back into the old house where I grew up, surrounded by cherished memories, pictures on the walls, her favorite books, and the familiar scent of lavender.
One day, I felt drawn to the attic, especially a closet that had always been a mystery. My mom never discussed what was inside, and as a child, I never asked. But now, I was ready to explore.
On a rainy afternoon, I opened the closet door. Dust danced in the light as I pulled out a box filled with postcards, unfamiliar photos, and jewelry I’d never seen her wear. Among the items was an old letter addressed to my mother. Its yellowed paper felt ancient, and I wondered why she had kept it hidden.
Curiosity took over as I opened the envelope. The letter began with an apology for not writing sooner. It was from someone named John, reminiscing about their past together. As I read, I discovered he had loved her deeply and hinted that the man I knew as my father was not my biological dad.
The realization hit me hard. My entire life had been based on a lie. I felt a mix of anger and confusion. Who was this John, and why did my mom never tell me about him? I knew I had to uncover the truth.
The next day, I visited Mrs. Natalie, our neighbor who knew my mom well. I asked her about John. She explained that he was a man my mother once loved but had vanished from her life, leaving her with a painful memory. I left her house with more questions than answers.
Driven by a need to learn more, I followed clues to a small town where John might be living. When I finally found his house, my heart raced. John opened the door, recognizing me immediately. He welcomed me in, and I learned he had loved my mother and never knew about me until years later. He had chosen to stay away to respect the life she had built.
After our conversation, I returned home, feeling a mix of emotions. I knew I had to tell my dad, David, about everything I had discovered. When I shared the news, he listened patiently and expressed his love for me. “Emma”, he said gently: “You are my daughter, no matter what”.
In the end, I found peace within myself. I decided to build a relationship with John while cherishing the bond I had with David. What mattered most was the love we shared, no matter the secrets of the past.
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