US: Beyond Meat slashes 2022 revenue forecast: Are Americans keen on plant-based food and drink?

Beyond Meat has axed its revenue forecast for 2022 to $470 million - $520 million, down from earlier estimates of $560 million - $620 million. According to Beyond Meat Chief Executive, Ethan Brown, customers are feeling the pinch of inflation and ditching higher-priced plant-based meat in favor of lower-priced chicken and beef.

But are US consumers genuinely keen on substituting meat products with plant-based alternatives to begin with?

It’s a half-and-half verdict, according to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics. While 44% of the general US population agree that they are somewhat open to substituting meat and dairy products with plant-based alternatives, an equal percentage of the population disagrees with the statement. About 12% are neither in agreement nor in disagreement about substituting meat and dairy with plant-based alternatives.

Similarly, 33% of the respondents are of the opinion that a meatless diet is a healthier option. Having said that, data from YouGov Profiles also shows that a significant 42% of the US population has never consumed plant-based substitutes. While more than half of the population (56%) are meat-eaters, 9% of them are either vegans, vegetarians or follow plant-based diets – something that could be of interest to Beyond Meat.

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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.