Sales have grown steadily over recent years but the business has failed to turn a profit. Its latest results show revenues almost doubled from £7.5m to £12.5m in 2021 but losses increased from £15.4m to £23.5m.
Are we surprised they’ve just gone bust?
They were losing money on every sale but hoping to make it up on volume.
almost doubled? they were 2.5 million off doubling. And even if they had doubled sales and somehow kept costs the same they still would have lost money.
Since I don’t eat that junk, I’m pleased to see that my views are evidently supported by the vast majority of the population.
Extrapolating both those rates of increase, revenue meets losses after about 7 years when both would be a bit over $400 million. It would cost 130 million more to get to that breakeven point so not a good investment.
Obviously this blokes definition of “Operationally, Meatless Farm is doing really well” means losing money hand over fist because the peeps are deciding they won’t eat this shit whilst there is the alternative of meatfull meat and they are not forced to do so by government diktat. The answers seem simple to me – remove the alternatives and impose a government diktat…..Oh fuck, that’s exactly what they are doing…AAARGH!!!
I do eat that junk.
There is a lot of money pouring in and a lot of innovation, and lots of new brands and new products that appear on shelves. Some stick around, some don’t. The quality is out of this world compared to what it used to be.. but there are still only so many vegetarians so obviously players will fail. I don’t see them expanding their market.. yeah, beyond burger is much better than quorn burger.. which is much better than Linda MacCartney.. but people aren’t going to decide to avoid meat just because the meatless stuff is getting better because it’s still not meat, and meat is freely available.
I feel like this story being pointed out in this blog is some kind of political point (I dunno.. lolz because veggies are leftards or something) but isn’t it just very ordinary capitalism playing out as it always does? A company tried to make money and didn’t. Wow. As a vegetarian, and a leftard, I am a winner because of all the companies trying to make money from me. The products are getting better and better and the choice is expanding.
Simple, genuine question: why does so much veggie food try so hard to look, taste and feel like meat?
It never manages it very well (I’ve tried many brands, an ex is veggie). Wouldn’t it be better for veggie food to stand on its own merits and not just be a third-rate meat substitute?
@Bloke in Wales
Yeah, I don’t care for veggie food, with one exception: Indian thalis are tasty. Problem is, far too much hassle to cook at home.
DMcR
A lot of the LoL value is down to the companies’ massive misjudgement and over optimism. The supermarkets especially dropped the ball on this, normally they are very shrewd about product lines but they hugely overestimated the market and are rowing back at a rate.
Go woke etc…
Another example : does anyone actually buy the Krispee Kreme doughnuts in Sainsburys? Their orders apparently are to bin them rather than put them on special offer.
Donald McRonald:
Yes, I agree. I’m vegan, but not a leftard. Have been for over half my life. I’m grateful for the sudden increase in veganism because it gives me more choice (I can eat out without a lengthy explanatory phone call to the restaurant!) and the products are getting more appetising. I’m sure they are not as good as meat products for those who like meat, but I’m grateful all the same and I hope it’s the good products that stay when the bubble bursts.
Bloke in Wales:
I think they are trying to lure people over from meat, and also not make people stand out at barbies etc. There are a couple of companies whose pitch is that they don’t disguise their pie fillings to look like meat.
I’m not a veggie or vegan, yet I find that a good hearty shakshuka is a wonderful thing even without eggs, and that a summer salsa of onion, peppers, tomatoes, avocado, cucumber with olive oil, garlic coriander and lemon is simply sublime. Vegetables taste great when done properly.
Meat substitutes are an insult to carnivores and veggies alike. It’s no surprise that the market has been so overestimated.
As someone who suffers horrific gout, I went meatless three years ago. Last year added back in eggs and this year fish, but have to be very careful with the diet. I actually enjoy their frozen mince as it has 29g of protein per 100g without the preservatives of other vegan/veggie shite. Also means I can have a fairly low-carb and high protein/fat diet, which helps with gym training.
And am definitely not a left-hooker being of the free market; minimal state; Hayek/Rothbard/Mises flavour.
Is that with tomato sauce or curry?
When I’m going veggie I just cease to put the chicken on the plate with my cabbage, cauli, potatoes and peas. It would never occur to me to try and manufacture something that tried to pretend to be the chicken I was chosing not to eat.
Going out with Hindu friends was always an issue. Even though pubs etc. are miles better than they used to be regarding veggie friendly food, the options were always limited and rarely much cop.
We found the solution was to go to a good curry house and then head to the pub after.
Also, as someone who loathes fungi of all sorts, it will be a cold day in hell before you get me to touch Quorn or the likes.
That shit is processed all to hell. Here’s the ingredient list for a Beyond Burger patty:
Water, pea protein*, expeller-pressed canola oil, refined coconut oil, rice protein, natural flavors, dried yeast, cocoa butter, methylcellulose, and less than 1% of potato starch, salt, potassium chloride, beet juice color, apple extract, pomegranate concentrate, sunflower lecithin, vinegar, lemon juice concentrate, vitamins and minerals (zinc sulfate, niacinamide [vitamin B3], pyridoxine hydrochloride [vitamin B6], cyanocobalamin [vitamin B12], calcium pantothenate).
Can you say “This is something that does not occur in nature?” Sure you can.
And it doesn’t taste like meat. That it is no longer revolting is a point in its favor, though.
As Napoleon once didn’t say, “If you’re going to eat veggies, then eat veggies.”
You do have a point Dennis. When I chuck veggies in my Rubbish Bin Stew, I just dump them in. No elaborate processing.
I find it, and the veggies, quite edible.
“Simple, genuine question: why does so much veggie food try so hard to look, taste and feel like meat?”
Because meat is nice. Not liking the taste or texture of meat isn’t often the reason people become vegetarian.
The evidence of this story and the shrinking area devoted to plant-based industrial sludge masquerading as meat in every supermarket suggests that the market for plant-based industrial sludge masquerading as meat is very small. And that neither vegetarians of any stripe nor omnivores are really interested.
A few investors thought minor improvements in plant-based industrial sludge production, coupled with growing media and Establishment hysteria about meat & climate change would be enough to spark a consumer revolution. So they threw a few billion at research and a few more at PR. You will all have seen reams of articles about how eating cows kills gaia and makes you fat. And about the marvels of a plant-based diet and how simply everyone is going vegan darling.
It all failed, because the product is shit. It tastes only marginally better than the nasty soya chunks I tried as a student and it is processed to a degree that even Pot Noodle fans find worrying. Omnivores prefer proper meat, vegetarians proper plants and no amount of hectoring and marketing will change that.
I came here expecting another tranny story.
Bloke In T’Yorkshire: rather than eliminating meat you might want to consider fully carnivore for gout. Naturally there are youtube videos about this: I recall an interview with SemiRetiredBob, for example, where he talks about not being able to suffer a blanket covering because of the pain. All behind him now.