Egg Company Profits Slashed by $74.3 million: CEO Blames Veganism And 'Challenging Year'

Plant-based egg alternatives are pushing down prices
Is veganism smashing the egg industry?

Egg producer Cal-Maine Foods has reported a huge loss of $74.3 million over the last year.

According to reports, although volume of sales has risen, sales prices have dipped.

The year has been described as a 'challenging' one for the egg industry for a number of reasons - including an outbreak of avian flu and over-production.

Demand

Dolph Baker, Cal-Maine's President and CEO, said: "The egg markets have been affected by increased production levels as producers repopulated their flocks after the 2015 avian influenza (AI)-related laying hen losses, and the younger, more productive hen population has produced a higher number of eggs. 

"Overall, market demand trends have not kept pace with these production levels."

Alternatives

In addition, a growing appetite for plant-based egg alternatives is having an effect.

According to Baker, vegan-friendly options including potato starch and silken tofu are 'exacerbating the oversupply' and pushing down prices even more.

READ MORE:

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