Beyond Meat shares are down almost 25% so far in 2022.

The company, which went public in 2019, initially saw its stock rally to highs of over $239 as more and more people switched to a meat-free diet amidst the rise of documentaries and media pushing the vegan narrative.

It does seem to have calmed since, but at the time, it felt like everyone was becoming vegan or at least trying a vegan diet.

So with Beyond Meat is set to report its earnings, is the social media data hinting at a potential beat, or miss?

You can see 2+ years of waning momentum from the consumer perspective on the chart below after demand peaked alongside IPO excitement in 2019.

However, in the near-term, Beyond Meat has generated some traction with consumers.

What gives?

Food-service partnerships.

KFC’s (YUM) launch of Beyond Fried Chicken did drive consumer purchases. In fact, generic plant-based chicken demand was rising prior to this new menu-item release.

In addition, chatter related to continued testing of McDonalds’s McPlant Burger, featuring Beyond Meat, also drove Beyond Meat brand mentions higher.

These two major announcements are the primary drivers of LikeFolio’s Bullish Earnings Score: +55.

Short-term, data suggests Beyond Meat enjoyed a boost from new partnership activity.

But long-term, the picture doesn’t look quite as rosy.

Consider the chart below, showcasing consumer dietary adoption.

Note that while consumer mentions of following a “Plant-Based Diet” do show some YoY traction, Vegan and Vegetarian diet following are sliding.

In addition, High Protein and Probiotic Rich diets are gaining much more traction on the macro level.

Perhaps more importantly, Beyond is facing stiffer competition.

Check out the scatter plot below, placing Beyond Meat vs. its most well-known competitor, Impossible Foods.

Now that Impossible Foods has made its way to grocery store shelves, it appears to be serving happier customers. (Slashing its retail prices certainly helped.)

Overall, LikeFolio follows more than a dozen plant-based meat alternatives. Consumers have more options than ever.