2023-12-09 07:15:00 ET
Beyond Meat (NASDAQ: BYND) shareholders had an unappetizing 2023, to say the least. The plant-based meat specialist's stock was down 29% through early December even as the wider market rallied. Beyond Meat shares are now down over 90% since their record-high close in late January of 2021.
A lot has changed in that period, but the most impactful shift has been weaker consumer demand for plant-based meat alternatives. Unfortunately, those industry conditions aren't likely to improve significantly in 2024. Beyond Meat is facing some other challenges , too, that could make the coming year another rough one for shareholders.
Beyond Meat seemed to have a diverse business before this latest demand slump, but investors have new reasons to doubt its ability to grow in a volatile sales environment. The retail segment -- the one that caters to grocery stores and big-box retailers -- was down 36% in the first three quarters of 2023. Beyond Meat didn't fare much better in the food service division, either, which declined 27% in the core U.S. market.
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Beyond Meat Had a Tough 2023. Here's Why Next Year Could Be Even Worse