Podcast Summary
The Ringer Wrestling Show goes daily with new hosts and special guests: The Ringer Wrestling Show expanded to daily episodes with different hosts and guests, now available on Spotify and sponsored by Indeed and Canva.
The Ringer Wrestling Show is now going daily with new shows featuring different hosts and special guests. David Shoemaker and Kaz co-host the Masked Man Show on Mondays and Thursdays, Peter Rosenberg, Greg, and Dip host Cheap Heat on Tuesdays, and David welcomes wrestling friends on Fridays. A new show, Wednesday Worldwide, focuses on pay-per-view reaction, interviews, fantasy booking, and more. The show is now available on Spotify, and listeners are encouraged to follow and leave a 5-star review. This podcast is sponsored by Indeed, which offers a streamlined hiring process, and Canva, an AI-powered tool for creating presentations. Meanwhile, in a different topic, despite decades of awareness about the moral and ecological costs of eating meat, Americans have continued to consume more meat per capita. The rise of plant-based meat alternatives like Impossible Burgers and Beyond Meat seemed like a promising solution, but the trend has since plateaued. David, who had predicted peak meat, admits his prediction looked silly in the last few years as meat substitute sales have slowed down. However, he still believes in the potential of technology and innovation to expand the menu and provide more meat alternatives for consumers.
The Plant-Based Meat Industry's Challenging Reality: Despite initial success, plant-based meat companies face setbacks like stock price drops, layoffs, and menu cuts, highlighting the complexity of replacing traditional meat with plant-based alternatives.
The plant-based meat industry, represented by companies like Beyond Meat and Impossible Foods, experienced a meteoric rise with ambitious promises of disrupting the traditional meat market. However, recent setbacks such as stock price drops, layoffs, and restaurant menu cuts indicate a challenging reality. The companies' approaches differed, with Beyond Meat focusing on reassembling plant components to mimic meat's architecture, and Impossible Foods creating heme, an iron-based compound found in meat, to make their products more meaty and "bleed" like real meat. The use of heme, specifically, gives the Impossible Burgers their distinctive "bloodiness." The Browns made bold promises to investors and public audiences, but the current market conditions underscore the complexity of replacing traditional meat with plant-based alternatives.
Founders of Beyond Meat and Impossible Foods tapped into demand for sustainable food solutions: Brown brothers revolutionized food industry with plant-based meat alternatives, resonated with investors, and gained success through conference circuit, IPOs, and partnerships with fast-food giants.
Ethan Brown and Pat Brown, the founders of Beyond Meat and Impossible Foods respectively, successfully tapped into the growing demand for sustainable and ethical food solutions by offering plant-based meat alternatives. They effectively used the conference circuit to spread their message to educated audiences concerned about the health, environmental, and animal welfare issues in the food system. Their solutions, which addressed all three concerns, resonated with investors, including high-profile celebrities, who wanted to make a positive impact and earn a profit. In 2019, Beyond Meat went public with great success, becoming the most successful IPO since the 2008 financial crisis. Both companies employed different strategies for commercialization: Beyond Meat focused on supermarkets, while Impossible Foods targeted high-end restaurants. However, the real competition came from the fast-food industry, where both companies eventually gained significant attention and wins.
A perfect storm of circumstances led to explosive growth in plant-based meat sales in 2020: The pandemic, Beyond Meat IPO, and consumer interest drove a 3x increase in sales of plant-based meat in 2020
The alternative meat sector experienced unprecedented growth in 2020, driven by a combination of factors. The Beyond Meat IPO in 2019 paved the way for numerous new products from various companies, creating a constant flow of new options for consumers. With people spending more time at home due to the pandemic, they had increased disposable income and a greater interest in trying new things, including plant-based meat. Additionally, there was a shortage of real meat in supermarkets, making plant-based alternatives a more attractive option. This perfect storm of circumstances led to a significant increase in sales, with Americans purchasing over 5 million units of fresh meat alternatives in just 8 weeks during the pandemic, a 3x increase compared to the previous year. The emerging future of plant-based meat had an incredible 2020, and it's clear that this trend is here to stay.
Alternative meat sales decline since 2020: Despite pandemic boost, alternative meat sales dropped in 2021 due to occasional purchases by meat-eaters and health concerns, impacting both supermarkets and restaurants.
The alternative meat market, which saw a significant boom during the pandemic due to consumers seeking novelty and variety, has experienced a decline in sales since 2020. This could be due to the fact that alternative meats may be a fad, with meat-eating consumers only occasionally purchasing these products, while vegans and vegetarians make up a small and static percentage of the population that frequently buys them. Additionally, health concerns may be a factor, as some research suggests that the health benefits of alternative meat may not match up with the promises made by the industry. The decline in sales can be seen in both supermarkets and restaurants, with refrigerated plant-based meat sales falling 14% and plant-based burger orders dropping 9%. These findings suggest that the alternative meat market may not be a sustainable growth category if the majority of consumers do not regularly purchase these products.
Plant-based meat alternatives: Not a health food: Despite their popularity, plant-based meat alternatives are not nutritionally equivalent to whole foods and should not be considered a health food.
While plant-based meat alternatives, such as those from Impossible Foods and Beyond Meat, have gained popularity for their environmental and animal welfare benefits, their health claims are not as clear-cut. Dr. David Katz, a prominent advocate of plant-based diets, believes these burgers are at best a lateral move from a health perspective compared to a regular burger. Consumers may view these products as healthy, but they are not nutritionally equivalent to whole foods like grilled chicken or lentils. Additionally, corporate partnerships with fast-food giants like Burger King and McDonald's have not resulted in long-term success for these brands, raising questions about consumer acceptance and preference for taste and cost. Ultimately, while plant-based meat alternatives offer benefits in other areas, they should not be considered a health food.
Partnerships with fast food chains haven't led to widespread adoption of plant-based meat alternatives like Impossible Foods and Beyond Meat: Despite partnerships with fast food chains, plant-based meat alternatives have not gained enough traction to become mainstream menu items, but they have increased brand awareness.
While plant-based meat alternatives like Impossible Foods and Beyond Meat have had some success in partnerships with fast food chains, such as the Impossible Whopper at Burger King, their chicken and sausage offerings have not yet gained enough traction to make it to the main menu. Impossible Foods CEO Peter McGinnis mentioned during a test that if it went well, it would get on the menu, but it did not. These partnerships have helped increase awareness for the brands, but not necessarily sales. Meanwhile, cellular meat, which involves extracting cells from living animals and growing them into meat alternatives, has gained attention from celebrities and investors, including Bill Gates and Leonardo DiCaprio, and has raised over $2 billion in funding. The technology is still in development, but it checks the boxes of ethical and investor interest. While these plant-based and cellular meat alternatives continue to gain attention and funding, it remains to be seen which one will become the more widely adopted option in the market.
Challenges to the production of lab-grown meat: Lab-grown meat faces challenges in scaling up, environmental sustainability, and consumer acceptance, with energy requirements and cultural attachments to traditional meat being major hurdles.
The production of cell-based meat, also known as lab-grown meat, faces significant barriers to scale, environmental sustainability, and consumer acceptance. While some progress has been made in taste and cost, the energy requirements and the "ick factor" remain major challenges. Unlike alternative milk, which had a built-in audience of lactose intolerant individuals and was often used as an ingredient rather than the main course, meat alternatives have not thrived due to the strong cultural and emotional connection people have with traditional meat sources. It may take several years for consumers to accept the idea of consuming meat grown in a lab rather than on a farm. Despite the technological advancements, the acceptance of cell-based meat will depend on overcoming these barriers and addressing consumer preferences and concerns.
Balancing Ethics and Taste in Food Businesses: Food businesses focused on alternative or 'fake meat' need to address both ethical concerns and consumer taste preferences to succeed.
Food businesses, particularly those focused on alternative or "fake meat," face significant challenges due to the complexity of consumer preferences. While these businesses may have a compelling "TED Talk" identity, addressing issues like sustainability and health, they must also meet the "dinner table" identity, delivering taste and satisfaction. The complementarity of plant-based meat in dishes like pasta and meatballs highlights this balance. The food industry is notoriously difficult, with small margins and fickle consumers. Companies like Impossible and Beyond Meat have made strides, but their success hinges on navigating both the ethical and taste considerations that influence consumer choices. Food businesses entering this space should be cautious and mindful of the complexities involved.
Dunkin's New Product Fails to Satisfy Meat-Eating Consumers: Delivering a high-quality product that resonates with consumers is crucial for long-term success. Failure to meet taste expectations can lead to discontinuation of a product.
The new product at Dunkin' didn't meet the taste expectations of their customers, both in their restaurants and in supermarkets. Despite efforts to improve the taste, it hasn't gained enough popularity among meat-eating consumers to justify keeping it on the menu or in stores. This serves as a reminder of the importance of delivering a high-quality product that resonates with consumers to ensure long-term success. As we continue to explore stories, we'll keep in mind the power of taste and consumer preferences in shaping business decisions. If you enjoyed this episode, please leave a 5-star rating and review on Apple Podcasts or Spotify. And don't forget to follow us on TikTok, @plainEnglish_, for more engaging content. This episode is brought to you by 20th Century Studios and their upcoming release, "Kingdom of the Planet of the Apes." Stay tuned for more intriguing stories.
