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Vegan movement slowing down

Quarterly sales at Beyond Meat, a leading producer of plant-based products designed to look and taste like meat, have fallen by about one third.

The US company whose customers include McDonald’s and KFC and which sells its products to leading supermarkets in the UK, reported a second-quarter sales drop of 30 per cent year on year.

Beyond Meat floated in 2019 , its shares surged from €25 to €235 within 10 months, valuing the firm at around 14bn. Since then, the shares have nose-dived by 95 per cent to trade at €11. Another company in trouble is the vegan-chicken startup Nowadays, which recently folded due to its inability to raise funds in the US.