Once-Hot Fake Meat Sees Sales Slide on Price, Being Too ‘Woke’ (2)

Just a few years ago, with a blockbuster initial public offering from Beyond Meat Inc. and the unveiling of an Impossible Whopper at Burger King locations nationwide, plant-based meats were ascendant.

Now, after once enjoying double-digit growth, sales in the plant-based meat category are not just flat but declining, according to data from Information Resources Inc., or IRI. That’s due to possible saturation of the US market as new brands hit the shelves, according to Deloitte Consulting LLP.

Sales of refrigerated meat alternatives at retailers are down 10.5% by volume for the 52 weeks ended Sept. 4, IRI data show. While higher prices are ...