Nils-Gerrit Wunsch
Research expert covering foods trends in North America, Europe, and the global food system
Get in touch with us nowFinancial performance
The company’s net revenue reached almost 419 million U.S. dollars in 2022. This shows a decline of close to 50 million U.S. dollars compared to the year before. Before the pandemic, food service accounted for over half of the company’s revenue. This figure declined drastically as the share of retail revenue grew and made up for declining food service sales. The latest figures, however, show both categories declining. The company whose profits grew during the pandemic is now losing money for the first time since 2017. Trends in other financial indicators such as EBITDA and employee numbers are also pointing downwards.The plant-based meat market in the U.S.
Meat substitutes are the plant-based foods with the second-highest sales value in the U.S., after milk substitutes. The audience for meat substitute products often includes vegetarians, vegans, people following religious dietary laws, and consumers who do not follow a specific diet, but prefer to reduce their meat intake. The volume of the meat substitute market in the U.S. was approximately 106 thousand tons in 2023. In general, younger consumers tend to eat meat substitutes on a regular basis more than older consumers.
