Impossible Foods is planning to lay off around 20% of its workforce, according to a report by Bloomberg.
The article – which cites a person familiar with the matter – claims that the plant-based meat giant also offered voluntary separation packages to employees at the end of last year.
Impossible Foods did not respond to a request for comment.
The California-based meat alternatives maker recently said that 2022 was “a year of record sales” for the company, reporting growth of more than 50% in dollar terms at US retail stores.
However, weaker-than-expected financial performances from some of the sector’s other heavy hitters, combined with sluggish category sales in the US, have prompted some commentators to suggest that imitation meat is losing momentum.
Plant-based behemoth Beyond Meat announced job cuts last year, as it looked to reduce expenses amid what it described as “ongoing softness” in the category.
Bloomberg cites data from IRI finding a 15% fall by volume in supermarket sales of refrigerated meat alternatives for the 52 weeks ended 1 January.
Impossible already made a round of job cuts last autumn, reducing its workforce by about 6%. The company’s current headcount reportedly stands at around 700 workers, and the latest plans could affect more than 100 employees.
© FoodBev Media Ltd 2024
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