Beyond Meat's revenue fell 30% in the second quarter of 2023

Meat analogue maker Beyond Meat reported that the company's revenue for the second quarter of 2023 decreased by 30.5% to $102.1 million. Net loss amounted to $53.5 million compared to $97.1 million a year earlier.

US revenue fell nearly 40%, while international revenue fell 8.7% . Beyond meat also announced a 24% decline in sales of its products.

Beyond Meat President and CEO Ethan Brown said the company is cutting its revenue forecast to $360-380 million for 2023, about 9-14% less than in 2022 . But he added that he still believes the company "will play an important role in the global response to the climate crisis , which appears to be rapidly intensifying."

The company cited "high inflation, rising interest rates and continued worries about the possibility of a recession" as the reason for the decline in demand in the plant-based meat sector, CNN reported.

The Guardian adds that sales of vegan burger maker Beyond Meat have fallen by nearly a third as consumers opt for cheaper animal protein amid a cost-of-living crisis. The publication points out that Swedish company Oatly, Swiss food company Nestlé and London-based Coca-Cola-owned Innocent Drinks are among those who have removed vegan products from sale in the UK this year .