Beyond Meat, the vegan burger and sausage maker, said its sales have collapsed by nearly a third as cash-strapped shoppers turned to cheaper options.

The plant-based food manufacturer, which supplies McDonald’s UK for its McPlant burger, suffered a 30.5pc slump in revenues in the second quarter of the year.

The vegan venture capitalist company suffered a 12pc decline in its share price in after-hours trading on Monday as it lowered its revenue forecast for the year.

Its shares were on target to open below $13 (£10) in New York on Tuesday, <a href="https://www.telegraph.co.uk/technology/2019/09/15/beyond-meat-investor-warns-companys-9bn-valuation-could-bubble/">having been valued at $234 in 2019.</a>

The company said it had been affected by “softer demand in the plant-based meat category, high inflation, rising interest rates, and ongoing concerns about the likelihood of a recession”.

Vegan sausage maker blames ‘softer demand’ for 30pc slump in revenues{ai:summary}<p>Vegan burger maker, Beyond Meat, sees significant sales decline due to cash-strapped shoppers opting for cheaper alternatives. The company's shares drop 12% as it lowers revenue forecast, citing softer demand, inflation, rising interest rates, and recession concerns. #economy</p>

Beyond Meat’s sales plunge as shoppers seek cheaper options

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