The year 2024 in the food market opens with the news that RIP Foods, a Spanish-based company dedicated to producing plant-based alternatives to meat (so-called “veg meat”), has also gone bankrupt. This was announced in a LinkedIn post by the CEO and co-founder himself, Kevin Forssmann. “Unfortunately, despite the efforts of the entire team, the challenges posed to us by our market are insurmountable. We have reached the point where our operations are unsustainable”.
RIP Foods has gone bankrupt, too
The closure of the Spanish start-up, after only four years in business, is interesting precisely because of what the founder lamented. The producers of plant-based alternatives to meat thought they would break into a market as large as the animal protein market. But hich in reality turned out to be much smaller. And now that a certain amount of media and investor enthusiasm has faded, because it has understood that tofu steaks will not replace fassona steaks on consumers’ plates, we are witnessing the death of veg companies. “A news story like this pops up every fortnight”, says expert Julian Mellentin on Twitter, “while most companies in business report modest sales and have never made a profit”. Veg meats, in short, started out to play, but ended up being played.
Photo by RIP Foods
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