The meat substitute market is collapsing after its meteoric rise, with key players in the industry facing massive layoffs and plummeting sales.
Fake meat products like Beyond Meat and Impossible Foods, which advertise themselves as healthy and environmentally friendly alternatives to meat, soared to national popularity in 2019 when they began selling their products with massive fast food chains. Impossible Foods was moving toward laying off 20% of its staff in late January just months after its competitor, Beyond Meat, announced plans to cut a fifth of its own workforce, according to Bloomberg.
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