The Brazilian meat giant JBS is withdrawing from the US fake meat market. JBS will close its American subsidiary Planterra, with locations in Denver and Colorado, at the end of this year, barely two years after its launch. The decision follows disappointing sales figures for plant-based food in the United States and Canada.
The company has not provided recent revenue figures but says it prefers to “focus its efforts on its seasoning operations in Brazil and Europe, which continue to gain market share and expand their customer base. We remain believers in plant-based options and continue to commit to the alternative protein market.”
JBS and Planterra have not specified in what form they will remain active in the vegan market in the United States. Just a few weeks ago, the group announced two new collaborations with two chains, Gregory’s Coffee and Veggie Grill.
JBS launched the first products of Planterra Foods in spring 2020, under the brand name OZO, with plant-based counterparts of hamburgers, ground meat, and meatballs. One year after Planterra's launch, JBS acquired a plant-based company in Europe, the Dutch company Vivera. JBS also produces meat alternatives under its animal protein brand Seara. JBS said this week that those companies are secure.
After some excitement, especially at the start of the coronavirus pandemic, interest in vegetarian alternatives to meat has declined in the US. Start-up Beyond Meat, which began with much fanfare on Wall Street in 2019, lost momentum and revenue stagnated in the first half of this year.