For a couple years, the future looked like it could be meat-free.

In 2019, the plant-based protein startup Beyond Meat celebrated the most successful IPO in over a decade and a few months later Burger King put an Impossible Whopper on every menu.

When the pandemic hit and Americans panic-bought groceries, conventional meat sales rose by around 40 percent compared to the prior year and stayed there for months, while sales of plant-based meat surged 65 percent.

Two years later, though, pandemic-fatigued consumers are sending mixed signals. Research market firm IRI found that the sector’s growth has begun to decelerate, with refrigerated plant-based meat sales down 6.6 percent in November 2021 from the year before, though sales were nearly 30 percent higher than November 2019.

Kellogg’s Morningstar Farms, Beyond Meat, and Maple Leaf Foods (owner of vegetarian brands Lightlife and Field Roast) — three of the largest plant-based food producers — all reported earnings shortfalls for Q3 of 2021, and several high-profile trials of plant-based meats in fast-food chains have flopped.

In recent months, a flurry of headlines cast doubt on the future of the once red-hot sector. The Financial Times asked, “Has the appetite for plant-based meat already peaked?”, DW declared “Demand for plant-based food products declines amid pandemic,” and the Food Institute, a food industry news outlet, said the slowing growth signaled a “niche future” for the category.

Taken together, the news doesn’t sound great for meatless startups, and feeds a narrative that the early burst of growth had more to do with novelty than sustainability. But a few companies having a bad quarter doesn’t define a whole industry, the graveyard of failed fast-food items is large (pour one out for Taco Bell’s underperforming cult-favorite Bell Beefer, which was essentially a sloppy Joe), and slowdown from a pandemic-induced high may not tell us too much about the long-term prospects of an industry that is still in its infancy.

For one thing, fast food giants have made it clear that they still believe plant-based meat is a worthwhile bet. In the first two weeks of 2022, KFC launched a meatless chicken product made by Beyond Meat, Chipotle introduced an in-house pea-based chorizo, and McDonald’s McPlant burger — made by Beyond Meat — arrived in 600 locations yesterday.

“Every one of our pieces of research suggests plant-based diets will continue to grow and grow,” Kevin Hochman, president of KFC US, told me. “Will there be blips when there’s an onset of a pandemic? Of course. We view this as a long-term trend.”

Read the full article about the plant-based food movement by Kenny Torrella at Vox.