- Beyond Meat tumbled 10% on Monday after McDonald’s announced the test launch of its own plant-based burger, the McPlant.
- Investors were holding out hope that McDonald’s would do a nationwide roll-out of the Beyond Meat burger after it tested out the product at some locations in Canada.
- “There are other plant-based burgers out there, but the McPlant delivers our iconic taste in a sink-your-teeth-in (and wipe-your-mouth) kind of sandwich,” McDonald’s said on Monday.
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Investor hope around Beyond Meat becoming the preferred plant-based patty vendor to the largest restaurant chain in the world diminished on Monday after McDonald’s announced that its own plant-based burger is in the works.
Beyond Meat sold off as much as 10% on Monday, and trading in the stock was briefly halted following the news.
Starting in September 2019, McDonald’s tested out an initial roll-out of the Beyond Meat burger at a handful of its locations primarily in Canada. That test run was discontinued over the summer.
Now, McDonald’s is ready to test out its own plant-based burger that was developed internally. The fast-food restaurant said it would begin to test the new vegetarian option burger in different markets around the world some time next year.
“There are other plant-based burgers out there, but the McPlant delivers our iconic taste in a sink-your-teeth-in (and wipe-your-mouth) kind of sandwich,” McDonald’s said on Monday, according to USA Today.
The battle for plant-based burger supremacy is currently being waged primarily by Beyond Meat and Impossible Foods, which both rely on their own in-house developed process to replicate the taste and feel of meat through plant-based components.
At its investor meeting, McDonald’s international president Ian Borden said there is potential for its plant-based burger to extend to other menu categories in the future.
“In the future, McPlant could extend across a line of plant-based products including burgers, chicken-substitutes and breakfast sandwiches,” Borden said.
It’s not yet known when or if the plant-based burger will land on the menu of McDonald’s US locations. But Borden said, “When customers are ready for it, we will be ready for them.”
Beyond Meat did not respond to a request for comment in time for publication of this article.
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