Wall Street appears to have lost its taste for the meat-substitute Beyond Meat.

Shares in the California based company dropped 18% on the news that sales are down this quarter.

The firm which produces a plant-based alternative to meat has seen a slowing of demand in restaurants and shops.

It had been forecast to make £98 million this quarter but now estimates it may make only between £63 to £82 million.

Beyond Meat blamed increased competition and said 'we're seeing, as expected, some impact on our market share'.

Beyond Meat President and CEO Ethan Brown said the results were especially disappointing but he didn't believe they indicated a decline in consumer interest for Beyond Meat's products.