From chosun.com
Beyond Meat's value drops 98% amid taste, cost issues and protein trends
The vegan restaurant "Unity Diner," which gained popularity in London, England, closed its doors in February after six years of operation. Although it made a name for itself with unique menus such as "Vegan Lobster Mac and Cheese" and "Prime Flank Steak" made using 3D printing technology and plant-based protein, it could not withstand soaring raw material and rental costs. When news of the closure spread, regular customers expressed regret on social media, and some even visited the store in person. Andy Crumpton, co-founder of Unity Diner, told The Guardian, "Customers flooded in, shedding tears and hugging the staff."
The vegan craze, which once swept global food culture, is gradually fading. Google searches for "vegan" have decreased by approximately 60% over five years since peaking in January 2020. The corporate value of Beyond Meat, a leading U.S. alternative meat company, reached $12.08 billion (approximately 16.8 trillion Korean won) in October 2020, about five years ago. However, due to continued sluggish sales and concerns over financial health, its market capitalization has evaporated by 98%, currently standing at around $190 million. The stock price, which once neared nearly $200 per share, has shrunk to around $2.50. WEEKLY BIZ examined the background behind the rapid decline of the global vegan trend.
◇Unmet Expectations in Taste and Price
One reason for the rapid decline of the vegan trend is the limitation in the taste of alternative meats. The Financial Times (FT) pointed out that the taste of alternative meats made using plant-based ingredients or cell-cultured technology has not reached a level to fully replace animal meat. Additionally, controversies arose over the numerous chemical additives in alternative meats to mimic the taste of real meat, and criticism over high carbon emissions during production further led consumers to turn away. As a result, sales of alternative meats have continued to decline. The Good Food Institute (GFI), a U.S. non-profit supporting cultivated meat development, reported that U.S. sales of alternative meats and seafood stagnated in 2022 and then decreased by 19% the following year. According to global market research firm NielsenIQ, refrigerated alternative meat sales in the UK decreased by 21% compared to two years ago (from July 2023 to June 2024). Beyond Meat's total revenue also fell by approximately 30% from 2021, reaching only $326.5 million.
◇Protein 'Worship' Among Health Enthusiasts
The phenomenon of influencers and health enthusiasts emphasizing protein intake on social media has also accelerated the decline of the vegan trend. The FT reported, "Although vegan diets can sufficiently provide essential amino acids, people tend to think of meat, eggs, or whey protein first when they hear 'protein.'" Global market research firm TowarzFNB predicted that the global animal-based protein market, valued at $23.16 billion this year, will grow at an annual average rate of 4.4% to reach $34.18 billion by 2034 due to expanding demand for high-quality protein and increased interest in muscle development.
Concerns that a strictly vegetarian diet could negatively impact health have also contributed to the waning vegan trend. A fibre-heavy vegan diet requires consuming larger quantities to meet caloric needs, which can be burdensome for those with low appetite or high nutritional demands. Additionally, vegetarianism often leads to deficiencies in protein, iron, vitamin B12, and zinc typically obtained from meat. Women, in particular, face risks of anaemia, decreased stamina, and hair loss. For these reasons, many celebrities who had chosen a vegan lifestyle have returned to eating meat, according to U.S. health magazine Men's Health. Even retired legendary boxer Mike Tyson ended his decade-long vegan lifestyle and resumed eating meat to prepare for a return to the ring.
◇Impact of Waning Idealism
The weakening of idealism amid the COVID-19 pandemic, wars, and high inflation has also affected the vegan trend. The FT analysed that people are seeking foods that provide immediate comfort and pleasure, like meat or cheese, over grand narratives such as beliefs. Citing the UK's "Adult Quality of Life" survey, The Guardian reported that only 24.2% of respondents said they were "very satisfied" with their lives, while the majority expressed dissatisfaction. This psychological factor is believed to have influenced dietary habits. When seeking comfort, people are drawn to foods high in oil, sugar, and salt—far from the typical vegan diet. Negative images associated with veganism have also fuelled scepticism toward vegetarianism. While some view meat-eating as a symbol of masculinity, veganism has been dismissed as the realm of "soy boys" (effeminate men) or "woke culture" (overly reactive to social issues), according to major media outlets like The Guardian. Amid this atmosphere, a survey by the UK non-profit Eating Better found that 19% of British respondents aged 18–24 increased their meat consumption last year, higher than the 16% who reduced it.
https://www.chosun.com/english/market-money-en/2025/09/11/DDC27MFKCNEDBKLC6ZRD2MSV6A/
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