The biggest failure in food industry history?
Sep 23rd, 2022 by newnutritionbusiness
We are witnessing what may be the biggest-ever failure in food industry history. The Silicon Valley idea that you can 'grow sales and profits will follow' has slammed into the reality of the food business. Plant-based meat substitute makers have made every strategy mistake in the How-to-Fail Handbook. Sales are falling. Most meat substitute makers are losing money. Products failed to meet consumer taste expectations. They couldn't even prove that they were 'more sustainable'. An echo chamber of investors, consultants and media pushed the idea that 20-ingredient substitutes would have us all ditching meat - and that plant meat companies would be worth billions. But reality turned out to be the opposite of what the billionaire investors thought would happen. Time: 23 minutes.