Spanish plant-based meat maker RIP Foods has announced that it will be closing its doors after four years in business.

The company is based in Barcelona and produces meat alternative products created using its proprietary ‘Meatrix’ ingredient: a chicken-like protein that it has incorporated into a range of innovations over the years, including a portfolio of Asian street food-inspired offerings.

So-named as an acronym for “Rich in Plants” and “Rich in Protein,” RIP Foods’ mission was to say ‘RIP’ to “outdated, unhealthy consumption patterns of the past” and invite consumers to reinvent the food system through a shift from animal- to plant-based meat.

In a LinkedIn post shared yesterday (10 January 2024), RIP cited “insurmountable” challenges for the industry as the reason for its closure, adding that the brand had reached the point where it was no longer able to sustain operations.

“Over the last four years, we have created one of the best plant based meats in the market and have built a talented and dedicated team like no other, and it is truly disheartening to have to deliver this news,” the company wrote in its statement.

“We want to express our gratitude to each and every employee for their hard work, dedication, and contribution; our investors for the tremendous guidance throughout this journey and for supporting our vision, and everyone else who has contributed in our effort to disrupt the meat industry.”

The news follows the announcement of the closure of several other big-name vegan brands over the past 12 months.

In December, entrepreneur Heather Mills’ brand Vbites announced that it would be entering administration, with Mills citing “corporate greed” within the market and the “galvanised and well-funded marketing of misinformation currently being undertaken by the meat and dairy industries” as challenges that led to the business’ collapse.

Meatless Farm was also in the spotlight last summer as it entered administration after being unsuccessful in raising the required funding to keep it afloat. Fellow plant-based company VFC Foods acquired the brand out of administration in June and has now evolved into Vegan Food Group, a wider entity comprising the VFC, Meatless Farm and Clive’s Purely Plants brands.

VFG’s chief mission officer, Matthew Glover, spoke to The Plant Base about the market’s challenging conditions for the inaugural episode of our Veganuary Sessions podcast series, launched yesterday.

He stated that while the industry is facing difficult times, he remains optimistic about its long-term future and added that while we will ‘lose brands’ this year, the increasing consolidation being seen within the industry will be required to bring it back to a stronger position.

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