Where Have All The Vegans Gone? Beyond Meat & Impossible Foods Pivot Outside Of Alt-Meat
“Where have all the vegans gone?” was a question posed to me by a colleague in response to what the market has shown is a waning interest in plant-based meat alternatives.
The future seemed bright for Beyond Meat in 2019 when it launched one of the most successful IPOs of the decade, scoring the fake meat-maker a market value of $3.77 billion. That same year, Impossible Foods was named the fourth fastest-growing brand by Morning Consult, a global, AI-powered company that specializes in consumer insights. By 2022, however, sales of alt-meat and seafood stalled, according to The Good Food Institute, and in 2023, they began a decline that still continues today.
Beyond Meat reported a net loss of $112.3 million in Q4 of 2025. Figures for Impossible Foods’ revenue are unavailable due to the company being privately held. That said, while appearing at Semafor’s World Economy Summit in 2025, CEO Peter McGuinness admitted that plant-based meat was “not in vogue right now,” but that he had no plans on giving up on the U.S. market, which is essential to its growth. McGuinness blamed the current backlash on partisan marketing, saying that the original approach alienated potential consumers by making them feel inferior. “You don’t get them to try your product by insulting them,” he explained.
The Harvard T.H. Chan School of Public Health posits another, more glaring, reason for the decline in sales of plant-based meats, saying that “they are ultra-processed” and “have come under greater scrutiny for links to poorer health.” This ultra-processed stigma has persisted even as studies have shown that the health benefits of consuming plant-based meats may outweigh the fact that you’re consuming more ultra-processed foods. The decline in sales could be a result of the ultra-processed stigma and divisive marketing approach working in tandem, along with pricing, which is typically more expensive than traditional meat, even as grocery costs rose 3.2% last year, outpacing overall inflation, per NPR.
The state of plant-based meat isn’t as bleak as it seems if we zoom out, however. According to Future Market Insights data, the alt-meat category still accounted for 47.8% of the plant-based market in 2025. The question remains: How does the alt-meat category get over this year-over-year slump? Surprisingly, to one-eighty customer sentiment, Beyond Meat and Impossible Foods are looking outside of plant-based meat.
In a LinkedIn post, McGuiness shared that Impossible Foods and food tech firm Equii have formed a “strategic partnership” to add protein-forward select grain-based breads and pastas to its lineup. “Protein shouldn’t stop at the patty and now it doesn’t have to. Imagine having a burger where you can get meaningful protein from both the patty and the bun, bringing even more nutritional value—it’s not impossible,” he said. Last October, the company also announced Impossible beef and burger as the first plant-based meats to be NSF Certified for sports, which validates them as beneficial to athletic lifestyles. The certification underscores Impossible Foods’ attempt at pushing back against the ultra-processed narrative.
Beyond Meat has taken its pivot one step further with the recent announcement of “Beyond Immerse,” a new functional protein-forward beverage made of plant protein. “Our intent is simple: immerse the consumer in the remarkable nutrition of plants—from protein to fiber, with the addition of antioxidants and electrolytes—all in a single refreshing and satisfying 12 fl oz drink,” said Ethan Brown, founder and CEO of Beyond Meat, in a press release. While alt-meat has always been protein-forward, these new products highlight the inclusion of protein in a way past products haven’t, which signals a desire to capitalize on the growing protein trend.
Time will tell whether these strategic pivots help change the tide in favor of plant-based meats. Beyond Meat and Impossible Foods, along with other brands, have a challenging road ahead, one that not only means reversing a decline in revenue but also regaining consumer trust.
