Can a famous meat eater help the fake meat business get back on its feet?
Some people are wondering this after hearing that Joey Chestnut, the hot dog eating champion who will always be linked to Nathan’s Famous’s annual July Fourth contest, has become a celebrity endorser for Impossible Foods, a company that makes plant-based hot dogs, hamburgers, and other foods.
Chestnut, who has won the event at Nathan’s famous Coney Island location a record 16 times, has been kicked out of the competition by Major League Eating, a company that puts on eating contests all over the country.
According to a statement from Major League Eating, they were very upset to learn that Joey Chestnut had chosen to work for a competing brand that sells plant-based hot dogs.
A representative for Impossible Foods told Marketwatch, “We love Joey and will back him in any competition he chooses.” You can try new things with a new dog. People who eat meat shouldn’t have to stick to just one wiener.
A request for comment was sent to Chestnut, but he did not respond. On X, he said that he was “gutted to learn from the media that after 19 years I’m banned” from the Nathan’s contest.
“That event is fun for me, and I love celebrating America with my fans all over this great country on July 4th,” Chestnut said. “I’ve been training to defend my title.”
Companies that make plant-based foods are part of the meat-alternatives industry, which has been having a hard time lately. Circana OmniMarket data shows that annual sales of groceries and related items in the U.S. dropped from $484 million in 2020 to $318 million last year, a 32% drop.
Experts also say that some restaurant chains have taken off their menus some plant-based meat items.
On the other hand, companies like Beyond Meat BYND, -0.70%, which is a leader in its field, have been facing more and more problems. The stock price of Beyond Meat briefly hit $200, but it has since dropped to less than $10 as investors have sold because demand is slowing down.
‘I see this as a win for the plant-based meat industry.’
Arun Sundaram, vice president and senior equity analyst at CFRA Research
Analysts say plant-based meat producers have to deal with two problems. The first group of people who don’t have to be vegan or vegetarian but might still choose a fake frank or burger are upset about how expensive many of the products are.
Then there’s the issue of quality: Some people say that a fake hot dog just doesn’t compare to the real thing.
According to Lynn Dornblaser, principal consultant at market research firm Mintel, more people would be willing to pay more if the products had that taste, texture, and mouthfeel. She told MarketWatch earlier this year.
But because Chestnut is known as the public face of eating hot dogs, his support could get people interested in Impossible Foods’ franks, if not all meat alternatives.
CEO and senior equity analyst at CFRA Research Arun Sundaram said, “I see this as a win for the plant-based meat industry.” “The industry was able to sponsor one of the world’s best hot dog eaters about a month before the famous hot dog eating competition. This makes for great news.”
However, marketing experts say that Impossible Foods might get some bad press because strict vegans or vegetarians might not like the idea of a known meat eater promoting the brand.
Gabrielle Gambrell, a branding expert, said of Chestnut and Impossible Foods’ partnership, “I think it’s provocative.”
It’s likely to be a good payday for Chestnut either way. As part of a four-year deal that was set to start in 2024, the hot dog eating champion was set to get $1.2 million from Nathan’s. This means that he’s probably getting more money from Impossible Foods.
Craig Agranoff, a marketing expert from Florida, said it wouldn’t surprise him if Chestnut was getting as much as $2 million from the plant-based meat company.
Nathan’s still says that their frank is the best, whether it’s made with meat or plants.
George Shea, a spokesman for Nathan’s, said, “It leads the pack.”
