There’s a ‘shakeout’ underway in plant-based meat

Beyond Meat CEO Ethan Brown is taking a more muted near-term outlook on his business amid rising competition in plant-based meats and an inflation-zapped consumer trading down to cheaper proteins.

“A shakeout does appear to be underway, and we expect more brands to either retreat or consolidate,” Brown told analysts on an earnings call late Wednesday. “A less cluttered playing field to [then] emerge in the mid-term.”