JBS closes US plant based business
Reuters reported last week that JBS SA will close its US plant-based business, Planterra Foods.
According to Reuters, the plant-based sector is struggling in the US.
Total sales of US meat alternatives have barely increased in 2022. Stockpiling in the due to the pandemic may have driven demand earlier, but from May 2021 to May 2022, sales rose only about .3% according to NielsonIQ.
JBS’s Planterra company was selling meat under the Ozo brand. Now JBS plans to turn its attention to its plant-based 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, have lessened their revenue forecasts and production respectively, said Reuters.
The value of all meat alternatives sold in the US including seafood rose by 1.1 percent in the last 12 months, valued at about $963 million. The year prior say about an 8.1 percent growth, and the year before that experienced growth of almost 45%.