Photo: Impossible Foods
Impossible Foods says there’s nothing faddish about plant-based meat
On January 19, Bloomberg published an article entitled, “Fake Meat Was Supposed to Save the World. It Became Just Another Fad.” On January 22, Impossible Foods took out a full-page ad in The New York Times and posted a blog entry vigorously defending plant-based meat.
The Times’ ad included criticism of the article from a Reddit thread. One comment read: “Uh, it’s an option in many very large restaurant chains as a meat alternative. That’s huge. No idea where this article is coming from.”
The blog entry amounted to a line-by-line pushback against the Bloomberg article’s findings:
- To the charge that plant-based meat’s sustainability claims were falling short of promises, Impossible Foods wrote, “There’s plenty of thoroughly studied, demonstrated, and published scientific data on the environmental benefits of plant-based meat — none of which received any airtime in last week’s piece.”
- In response to the claim that plant-based growth had stagnated, Impossible Foods pointed out that the plant-based meat category has expanded to a $7 billion global market in only ten years, products have “dramatically” improved in taste in texture, “exciting and compelling new concepts” are entering the space, and Impossible Foods continues to see positive annual growth. Impossible Foods wrote, “Nearly half of the people who try Impossible products purchase them again.”
- While the article states Impossible Foods “is discovering that upending animal agriculture is difficult,” Impossible Foods asserts it’s “been broadcasting that loudly all along.”
Impossible Foods concluded, “The reality is that the plant-based meat category is still young and yet to be fully defined. We’re proud of our leadership in the category, even if that means we take the heat sometimes.”
The Bloomberg article came following a year in which Beyond Meat’s stock price lost 76 percent of its value amid concerns about plant-based meat’s growth. A New York Times article from November indicated those concerns include revelations that plant-based meats may not be as healthy as advertised, inflation’s impact on the pricier imitation meat and that the number of consumers open to trying plant-based meat had “reached its limit.”
- Bloomberg Was Supposed To Report The Facts. It Became Just Another Opinion Piece – Impossible Foods
- Fake Meat Was Supposed to Save the World. It Became Just Another Fad – Bloomberg
- Impossible Foods Hits Back At Media Report With Full-Page New York Times Ad – Advertising Age
- Impossible Foods Hits Back At Bloomberg For Anti Vegan Meat Article – Plant Based News
- Plant-Based Meat Sales Fell Significantly Last Year. What Does That Mean for Climate Change? – Inside Climate News
- Beyond Meat Is Struggling, and the Plant-Based Meat Industry Worries – The New York Times
Discussion Questions
DISCUSSION QUESTIONS: Do you applaud Impossible Foods’ response to the Bloomberg article or was it unnecessary and counterproductive? Does the plant-based meat category look like a trend undergoing growing pains or more like a fad?
Poll
Loading …BrainTrust
Jasmine Glasheen
Content Marketing Manager, Surefront
Paula Rosenblum
Co-founder, RSR Research
I don’t think plant-based is a fad and I think it has growth potential, however, I do think that the trend has been over-hyped. Plant-based is a great option for those that want it, but there are large group of consumers who see little point in it, dislike the taste, and think products are over-processed. There are many others who are simply not very interested in it. If company valuations were initially based on hype and frothy assumptions, it’s hardly surprising they have come crashing down to earth with a bump.
The first rule of propaganda warfare is “never respond to negative propaganda,” so I’d say no, it’s probably counterproductive. While this may not be a fad, it may have peaked in terms of percent of shoppers interested, at least for a while. And who knows whether Beyond Meat’s issues were category related or management related. Certainly these companies are not beyond (sorry) over-hyping their products.
My local Burger King in rural upstate New York still sells them two years after the launch. I don’t think this is overhyped.
Bob — gone here in Atlanta, but that may say more about Southern culture than the product itself.
I applaud Impossible Foods and encourage them to keep fighting the good fight. Just like electric cars, plant-based meat is evolving and getting better, less expensive and widely available. I believe plant-based meat is not only here to stay, but it will eventually become more popular than traditional meat products.
I think the Bloomberg article was a hit piece from industry sources. I’m thrilled Impossible pushed back and showed the bias.
Isn’t that interesting? I thought exactly the same. You just said it in a nicer way.
Great point.
An industry with growing consumer adoption cannot “reach its limit” unless consumer interest wanes. When it comes to the plant based meat category, consumer interest hasn’t even fizzled.
A growing 30% of Gen-Z plan to go without meat. As the impacts of global warming and awareness of the innate worth of sentient beings increases, so will interest in compassionate meat alternatives. After all, why choose harm when you don’t have to?
Counter to the narrative that vegans are weak hippie dippy woke folk, Impossible Foods defended their brand and position with cold hard facts. This is a great example of how it’s become socially acceptable for brands to defend their position in a fact based, vitriol-free way. Dispelling the “snowflake” narrative surrounding compassionate choices, one skillful clap back at a time.
I can’t decide if Bloomberg’s article was simply generationally incorrect or if some meat industry group persuaded the company to write the piece. I say that because there’s no mention of plant-based milk or cheese, which is odd — those categories are also growing significantly.
Plant-based foods are exploding, not just among vegetarians but among people looking for healthier-based alternatives. In full disclosure, I have not eaten meat in 51 years. Not.one.bite. I didn’t stop eating it because of health reasons. I just think it’s weird to raise things to kill them. Unethical. We have alternatives. And those alternatives have started to taste really good, look really good, and show up everywhere. I do still love my real cheese, though.
I think Millennials and Gen Z have a different perspective than the Gen X’rs and Boomers that drive the Street. Time will tell, but my bet is it’s here to stay.
I’m afraid I have to disagree with the statement that plant-based meats are a fad. Full disclosure, I might be biased as a consumer of these products.
The category has been around for a long time. I’ve been able to get plant-based burgers in restaurants for decades. The new offers from Impossible and Beyond have raised the bar on quality. Good food will always have a place, even if it’s a niche.
Consumers, especially younger consumers, are increasingly interested in how their day-to-day actions affect the planet. The raising and processing of beef have come under scrutiny in this regard, and for a good reason. Demand will ebb and flow, but as the products get better and prices get better because of efficiencies and scale, I can’t help but think the overall trend line in this area is positive.
Let’s be real, beef isn’t going away any time soon, but neither are these products. The market is settling and is going through growing pains at the moment. Calling this a fad is shortsighted.
Nice click bait headline, Bloomberg.
It’s a little too soon to determine whether or not plant-based meat will save the world. But it is perfectly fine to defend your product, and in the case of Impossible Foods, necessary.
Under its new-ish leader, Peter McGuinness, Impossible Foods is taking a more aggressive stance and the Bloomberg blog response is the latest example. I wouldn’t recommend responding to every click-bait piece, but why shouldn’t Impossible present a fact-based counterargument? The health argument (and scrutiny) is spurious since most animal-based meats are presented without nutrition labels. The lack of transparency and disclosure around how these products are “grown” and “processed” is a whole ‘nother story.
I don’t think plant-based foods are a fad, but they’re definitely a niche product, and one that’s looking increasingly unpopular with broad swaths of the buying public. As the Bloomberg article noted (however biased it may have otherwise been), market data shows both supermarket and restaurant sales cratering over the past year.
That’s borne out by the results of Impossible Foods rival Beyond Meat, which has seen such sales tumble and losses widen. Impossible Foods may say its sales are booming, but as a privately held company there’s no way to scrutinize its financials.
From a consumer perspective, I don’t see plant-based foods going away, but from an investment perspective, I wouldn’t go near their stocks. There are just too many players in the space now (one reason I don’t think plant-based foods will disappear) and it’s quite likely the major players (IF, BM) will be acquired by larger competitors or be out of business.
I do not think this is a trend. Beyond vegetarianism and beyond veganism (I just made those words up), I think the trend here is people concerned about meat in general, the source of it, what is used to feed — everything. Plant based gives that flavor without the guilt or the worries. Not a trend is my “verdict.”
Plant based meat is not a fad. As long as people desire to eat healthier, there will be a place on the supermarket shelf (or restaurant menu) for alternatives, such as Impossible Foods’ offerings. Unless something controversial comes out on plant-based meat, it is hear to stay — and grow.
Agree with you. I just wish these companies would be more transparent with exactly what we’re eating. My wife, not a fan BTW, when I order an impossible burger, always askes “why?” Response “Healthier.” Her retort “how do you know?”
And I have no good answer.
FWIW, plant-based foods from both Impossible Foods and Beyond Meat aren’t “healthier” than real meat (which itself is pretty healthy) as they contain the same amount of saturated fats and much more sodium. The companies themselves don’t even push that angle, instead arguing their products are more environmentally conscious.
I’ve tried both BM and IF burgers and was not impressed. IF in particular wasn’t quite like eating a Styrofoam cup, but it wasn’t that much better either. 🙂
It was a response to a story few read, in a medium that even fewer read.
The big problem with alternative foods is that they’re attempting an evolutionary change, but answering to people — i.e. the “Market” — that expects results … yesterday. (And to be fair to investors it can be hard to separate short term losses that lead to long-term gains from short term losses that lead to even bigger long-term losses.)
I don’t think it’s a fad, but it very well may not be the steady growth fans were hoping for … more of a two-steps forward one back process; those backward steps will lead to many more Bloombergesque articles.
It is interesting how we went from wanting to know what all the ingredients are in our food (clean label) to plant based, good for the environment but not real sure what all the ingredients are. I applaud Impossible for fighting for their product but not sure how mainstream their products will ultimately be.