Impossible Foods CEO Outlines Crucial Shifts Needed for Survival of Plant-Based Industry
The plant-based industry is standing at a pivotal crossroads. While long-term growth predictions do appear to be promising and meat consumption is declining in developed countries such as the UK, the US, Australia, and certain European markets, current challenges such as decreasing sales and an increasingly competitive marketplace create substantial setbacks for plant-based companies. The plant-based sector’s current predicament stems from several factors, including potential marketing missteps, consumer misinformation, and intense competition from traditional animal agriculture. Peter McGuinness, CEO of Impossible Foods, spoke to this at the recent Adweek X conference in Los Angeles, citing a much-needed industry-wide transformation that emphasizes collaboration to overcome these challenges. At the conference, McGuinness pointed out the detrimental effect of early “wokeness” and foodtech positioning in plant-based meat marketing, which he …
