Reuters reported last week that JBS SA would close its US plant-based company, Planterra Foods.
According to Reuters, the plant sector is in trouble in the United States.
Total sales of meat substitutes in the United States barely increased in 2022. Stockpiling due to the pandemic may have boosted demand earlier, but from May 2021 to May 2022 sales increased only around 0.3% according to NielsonIQ.
JBS’s Planterra company sold meat under the Ozo brand. JBS now plans to focus on its factory operations in Brazil and Europe, which are gaining market share, according to the JBS spokesperson.
Other companies such as Beyond Meat and Maple Leaf Foods, a Canadian pork processor, lowered their revenue forecasts and output respectively, Reuters said.
The value of all meat alternatives sold in the United States, including seafood, increased 1.1% over the past 12 months, to a value of approximately $963 million. The year before, let’s say about 8.1% growth, and the year before was almost 45% growth.