> The company expects the figure to reach about $330 million in 2025, roughly 10% higher than it was six years earlier despite a huge increase in the number of products offered.
It’s not like they have any growth potential to speak of that would enable them to service that debt.
It’s a bit hard to see who their target market is or, rather, it’s a bit hard to see that the market segment they’re aiming for is big enough for them to grow at an appreciable rate. To me it reads like they just didn’t do their homework up-front - e.g., an in depth segmentation - in determining their addressable market.
Vegetarians and vegans I know want protein sources in their diets but they don’t necessarily want meat substitutes, so perhaps BM’s products aren’t that appealing to them.
Meat eaters possibly have low awareness of BM and, unless they’re particularly principled - and wealthy enough to absorb the additional cost - are unlikely to pay the same price, or more (at least here in the UK), for meat substitutes than they’d pay for actual meat.
Moreover, people I know who are trying to cut down on meat, like their veggie and vegan counterparts, mostly aren’t looking for meat substitutes in their meat-free meals either.
If BM’s products were more affordable and better advertised they’d have a better chance at widespread adoption but it’s very hard to plot a route from where they are now to there. Also, this doesn’t solve for the portion of the market who aren’t looking for explicitly meaty meat substitutes.
As you say, it does appear hopeless.
(FWIW, I’ve eaten BM burgers on several occasions. They’re excellent but I’m not normally willing to pay the premium for them versus actual beef patties, or making our own.)