Why Impossible Foods CEO is backing Nathan’s hot dog eating legend Joey Chestnut

Yahoo Finance Executive Editor Editor Brian Sozzi goes inside the future of the plant-based food industry with Impossible Foods CEO Peter McGuinness. McGuinness shares potential outcomes for his business, and why he is backing hot dog eating legend Joey Chestnut.

The plant-based food industry burst onto the scene more than a decade ago thanks to a battle between then new upstarts Beyond Meat and Impossible Foods. Each company raced to secure deals with fast-food giants such as McDonald’s and Burger King. Beyond Meat had a glitzy IPO, while Impossible Foods continued to raise large sums of money at impressive valuations. Then the COVID-19 pandemic hit, and consumers began to rethink their commitment to meat alternatives. Consumers questioned the healthiness of the ingredients in the products. At the same time, the products continued to be higher priced relative to traditional forms of meat. Against the backdrop of prolonged inflation, consumers have shunned these more expensive products. Beyond Meat’s stock has crashed, and Impossible Foods hasn’t ruled out a sale to a larger food company. So what’s the end game here?

Yahoo Finance's Opening Bid, brings you a high-octane take on the freshest analyst calls, wildest stock moves and shrewdest commentary in the business world. Executive Editor Brian Sozzi puts Wall Street's finest through their paces in this essential conversation for every investor - before the stock market opens.

Find this episode's transcripts and more episodes of Opening Bid at http://finance.yahoo.com/videos/series/opening-bid/.

Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.

00:00-Peter McGuinness joins on Opening Bid

01:30-Joey Chestnut barred from Nathan's Famous after signing with Impossible Foods

06:00-Value of plant-based retail market

14:00-Taste and affordability needed for parity

19:00-Language around "fake meat" found to be thin

Yahoo Finance's Opening Bid is hosted by Brian Sozzi, and produced by Rachael Lewis-Krisky and Alexander Frangeskides.

Peter McGuinness is the President and CEO of Impossible Foods, and previous President and COO of Chobani.

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