McDonald's joins Beyond Meat bandwagon with Canada tests

# 27 September 2019 04:29 (UTC +04:00)

McDonald’s Corp will test a new “plant, lettuce and tomato” sandwich using Beyond Meat patties in some restaurants in Canada next week, the company said on Thursday, following major rivals’ bets on the plant-based protein mania in North America, APA reports citing Reuters.

Shares of Beyond Meat jumped 16 percent immediately after the announcement and later pared gains to trade 9 percent higher. The shares have roughly tripled in value since the company’s listing on the stock market in May.

McDonald’s stock was up marginally. The world’s largest burger chain joins Tim Hortons, KFC and Dunkin’ Brands in adding products made with Beyond Meat patties to their menus.

As consumers grow more concerned about health and the impact of industrial animal farming on climate change, the plant-based market is expected to explode to an estimated $140 billion over the next decade, according to Barclays. Beyond Meat, a pioneer of plant-based meat substitutes, is competing with Silicon Valley-based Impossible Foods for dominance of the market.

McDonald’s rival Burger King and Impossible Foods teamed up in April for the U.S. rollout of a plant-based Whopper. The Impossible Burger is also sold at fast food chain White Castle and at Disney theme parks.

“We wish McDonald’s similar success in its 28-unit test in Canada,” Impossible Foods said in an emailed statement. Spokeswoman Jessica Appelgren told Reuters the Impossible Burger has not yet been approved for sale in Canada.