"Then also charging stations weren't prevalent." Now, we're at a tipping point, with Norway, for example, seeing 80% of its new car sales being electric vehicles, she added. "What happened, of course, was that they were not practical for a lot of consumers, because the range wasn't big enough, unless you went up to the very expensive Tesla S," Clark said. In 2009, CNET had a headline titled " 2011: The year of the electric car ," she pointed out. She likened the plant-based phenomenon to the initial excitement around the mass production of electric vehicles. Yet there is still an opportunity ahead, she said. "That's probably very natural for an industry that was exuberant, excited and growing very quickly," she said. Take a lesson from EVs For Laine Clark, innovation and entrepreneurship manager with nonprofit think tank Good Food Institute, it's not completely surprising that there has been a cooling off after plant-based foods' wild ride higher. Beyond Meat also continues to roll out new iterations of its products, such as a new version of its sausage that it claims has a "meatier" texture that it launched last month. "Beyond Meat is ahead of a lot of publicly traded competition." Recently, the company announced that it was expanding distribution to become available in about 14,000 stores across the U.S., including Whole Foods and Wegmans. "Scaling is one of the biggest issues that will face these companies, especially in the early innings," he added. The firm's AgTech & Food Innovation ETF (KROP) holds shares of Beyond Meat and invests in both agriculture technology and food innovation, the latter of which focuses on alternative proteins. BYND ALL mountain Beyond Meat's performance since is May 2019 IPO "This is a company that's been a first mover of sorts in the space," said Alec Lucas, research analyst at Global X. Meanwhile, Beyond Meat's stock has started to tick back up, gaining about 26% year to date. "We're at a spot now in the plant-based market where as the fervor has died down, we've seen the category getting cleaned up," he said. There are still parts of the plant-based market that are growing, like fully-cooked nuggets, while others, like ground beef, are more challenged, Bar Am said. "It didn't taste as good as they wanted it to taste and it also was really expensive." In 2021, Beyond Meat shares tumbled nearly 48% and then sank a staggering 81% in 2022. "We found that there were a lot of people trying the product, but not a lot of people repeating the product," Bar Am explained. Then, consumer interest in plant-based meat waned. The stock ultimately ended the year 202% higher than its $25 initial public offering price and continued its ascent in 2020, gaining more than 65%. In May 2019, plant-based darling Beyond Meat went public, surging 163% on its first day of trading. There were new products by public companies such as Tyson Foods and Kellogg, as well as from private ones. Between 20, the plant-based market in the United States grew around 46%, he said. However, it saw a resurgence in the last few years in what Jordan Bar Am, a partner at McKinsey & Company who focuses on alternative proteins, dubs plant 2.0. The rise, fall and future of plant-based meat Plant-based meat has been around for decades. That means the investment opportunities right now are largely in public companies that make plant-based products, although investors see plenty of opportunity down the road for cultivated meat, also known as cultured meat. So far, it's only been available through specific restaurant partnerships. A select few had their first official tastes after the Department of Agriculture approved the sale of cell-cultured chicken by Good Meat and Upside Foods in June. While plant-based products are already on store shelves, cultivated meat is just getting introduced to American consumers. "Furthermore, as the world feeds the growing population - estimated to reach ~10B by 2050 from ~7.8B in 2020 - the need to leverage agriscience and technology, use novel sources of protein, and innovate food products is key to our future," he added. Over the next decade, the focus will continue shifting towards sustainable and healthy products, he said. "The food industry is undergoing a major revolution," Telsey Advisory Group analyst Sarang Vora wrote in a June 26 note. That includes plant-based products, as well as those cultivated from animal cells. The growing global population, coupled with an increased focus on health and sustainability, has the industry looking to alternative meats. There's a change afoot in the food industry. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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