Shares of Beyond Meat and Oatly have shed more than half their value this year.
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Companies and investors alike bet that consumers would keep eating meat alternatives and drinking milk substitutes, such as Oatly's oat-based beverage, even as Covid fears eased and lockdowns lifted. Beyond's stock has had an even more dramatic ride. It debuted on the public markets in May 2019 at $46 per share and soared in the months after, hitting an all-time high of $234.90 on July 26 of that year, which gave it a market value of $13.4 billion. The stock closed Friday at $31.24 per share, with a market value of under $2 billion.
"You also saw irrational exuberance in the category and the entrance of many, many new players, which took a lot of shelf space, took a lot of trial, not always the highest-quality offerings, to be honest with you," Cahillane told analysts on Kellogg's earnings call.sounded the alarm that growth of its plant-based products was slowing, according to Aucoin.
Beyond Meat CEO Ethan Brown told analysts on Wednesday's call that the company's weak performance stemmed from four factors: softness in the overall plant-based category, a consumer shift from refrigerated meat alternatives to frozen ones, higher discounts and increased competition. Josh Tetrick, CEO of JUST Egg, which accounts for about 95% of U.S. egg substitute sales, told CNBC he sees plenty of growth ahead.
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