Impossible Foods has announced a 20 percent staff reduction from their complement of 700 employees. This is in addition to the six percent cut-back in October 2022. Competitor Beyond Meat, Inc. will lay off 20 percent of their employees consistent with a reduction in forecast sales. This company noted decreased demand for refrigerated meat alternatives and is encountering competition in the limited market for plant-based meat substitutes. All plant-based meat substitutes are priced higher than conventional ground beef leading to consumer rejection.
Impossible Foods is privately held but the quarterly reports published by Beyond Meat suggest significant losses with little prospect of attaining breakeven, given declining sales and 
negative gross margins. Some analysts have even projected bankruptcy for the Company that has been sustained by infusions of working capital by institutions.
The plant-based division of Maple Leaf Foods is unprofitable, but management believes that economies of scale and changes to the product range will reverse the unfavorable situation that has persisted since initiation of plant-based meat production.