Beyond Meat shares fall after McDonald’s Canada trial run ends as planned Description video: CNBC’s Aditi Roy reports on the move behind Beyond Meat’s shares.\n\nFor access to live and exclusive video from CNBC subscribe to CNBC PRO: \nhttps://cnb.cx/2JdMwO7 \n \n» […]
Beyond Meat shares fall after McDonald’s Canada trial run ends as planned
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Beyond Meat Shares Up 12% on McDonald’s Announcement
McDonald’s announced plans to test a plant-based burger with Beyond Meat cutlets in Canada on Thursday.
12-week test begins September 30 at 28 restaurants in Southwest Ontario.
This item will appear in the menu as P.L.T, which means “plant, lettuce and tomato”. Burger will cost CAD 6.49 ($ 4.90) plus tax surcharge.
«This test will allow us to learn more about the real potential of P.L.T., including customer demand for this product and its impact on workflow in restaurants.», – said Ann Walgren, Vice President of McDonald&# 39; s on global menu strategy.
Beyond Meat shares rose 12% in morning trading, while McDonald’s&# 39; s went up 1%. Since its initial public offering in May, Beyond is up 517%. However, the stock has dropped 34% in the past two months after a secondary share offering, increased competition from Big Food’s competitors and concerns about pricing..
Beyond Meat and Impossible Foods surged in popularity this year as more U.S. restaurant chains such as Dunkin &# 39; and Red Robin add them to their menus. Burger King, owned by Restaurant Brands International, recently released a version of its Whopper, created in collaboration with the Impossible burger, and is available throughout the United States..
Restaurants are choosing plant-based hamburgers as a way to attract consumers looking to cut back on meat. The NPD group found that 95% of people who buy these vegan burgers also bought beef burgers during the past year.
McDonald&# 39; s stayed on the sidelines for now, trying to better understand this trend before actively entering the market as a player. The company already sells plant-based burgers in Germany and Israel in partnership with Nestle, which began selling its Awesome Burger in US stores this week..
Beyond Meat has expressed confidence that it can supply any restaurant chain. In June, CEO Ethan Brown told analysts that the company could supply all major fast food chains if needed..