Plant-based meat was supposed to be the wave of the future. In these sensitive times, a vegan diet was something to help make the world a better place, and you didn’t have to be a vegan to enjoy the many plant-based treats.
Let’s be honest: going totally vegan after a lifetime of being a meat eater is not that easy, but to substitute a little meat for something vegan-based was something that almost anyone out there was and is capable of.
Which was why the dawn of the plant-based meat became something that seemed promising, but the fall of the Very Good Food Company based out of BC in Canada tells a different story altogether.
The company had gained notoriety when they appeared on an episode of Dragon’s Den and the company took off to quite the strong start with the proper endorsements, as well as a great showing in 2020 when the company went public—the stock value showing epic numbers the day it went public!
What does this mean for the entirety of the plant-based protein product industry?
A good start is probably a wee bit of an understatement in that case, and the Very Good Food Company’s products were then sold in a reported total of 1,700 store locations in both the United States and Canada.
Products that the company offered ranged from bean burgers, to a vegan brisket, all products that sold well, but in the end, it was the expenses that the company had that did them in, the company expanding quickly; the profit margin never had enough time to grow.
According to a piece at Canada’s National Observer, owner Mitchell Scott stated that the money spent on equipment and personnel to meet the growing demands outweighed the profits that were coming in essentially.
A very eco-conscious clientele is really the demographic here and perhaps that demographic has never been bigger than right now, but in the end, even the addition of those foodies that support the trend of plant-based meat products isn’t high enough to battle the meat and dairy conglomerates that have reigned supreme across the US and Canada for decades.
It’s a wee bit of a confusing turn of events, and the closing of such a promising start-up like this one only adds to that confusion, because this was an industry that was supposed to have done better, supposed to have succeeded, and when something like this occurs, it tends to leave many scratching their collective heads.
Also according to the aforementioned piece, in 2019 and even in 2021, the industry of plant-based proteins was expected to reach successful heights; the term ‘explosive growth’ was used….
At the end of the day though, the reason plant-based proteins are considered to be eco-conscious is because the meat and dairy industry makes up a staggering 18 percent of the global greenhouse gas issues effecting the planet, as well as other factors at play, so going green in every way matters folks, which is perhaps why this is such a sad turn of events, not only for business owners, but for the planet as a whole—a loss all around for sure.
Despite the fact that Mitchell Scott stated that demand remained high despite the closing of his business due to oversized expenses, other plant-based proteins are seeing a decline in demand, as the news that Maple Leaf Foods has decided to push back their plans to go ahead and release some plant-based protein products of their own, shows.
What is the future of plant-based proteins in light of this, dear readers? Dark times indeed.