The company reports that it will now focus its plant-based food operations in Brazil and Europe.
JBS spokesperson Nikki Richardson commented that these regional operations “continue to gain market share and expand their respective customer bases”.
New England Consulting Group CEO Gary Stibel told Reuters that the plant-based foods sector is under pressure because meat alternatives are too expensive and do not taste good enough.
He added: “Everybody and her sister thinks they can make money in this business and they can’t. Eventually it will be a good business for a few players. Today, it is a sinkhole for many folks that are throwing good money after bad, chasing too little demand with way too much supply.”