New Zealand Plant-Based Pioneer Sunfed Meats to Shut Down After Post-Pandemic Pressures

New Zealand-based plant-based meat pioneer Sunfed Meats is closing down after nearly a decade in operation due to post-pandemic pressures, high costs, and a loss of faith from its investors. Despite the success of its products, including the popular Chicken Free Chicken, the company faced challenges with supply chain disruptions, skyrocketing costs, and a lack of new capital investment.

Founder Shama Sukul Lee revealed that the company's VC investors chose not to support Sunfed, ultimately leading to its closure. The plant-based meat sector globally has seen a decline in investment and sales, with startups like Sunfed Meats closing down, while others like v2food in Australia are experiencing revenue growth. Sunfed Meats' closure highlights the challenges faced by companies in the plant-based industry as they navigate market realities and investor expectations.