- McDonald’s has hopped on the meatless bandwagon as it announced its new plant-based patty offering called the McPlant.
- Following a trial of the plant-based beef burger alternative last year in Canada, the fast-food giant is set to start a similar trial in a few US cities.
- McDonald’s McPlant announcement caused the shares of Beyond Meat to fall nearly 10% before eventually bouncing back.
McDonald’s has joined a growing list of fast-food chains offering plant-based options. Company officials unveiled its own meatless, plant-based patty, named the McPlant, on Monday.
The popularity of meatless alternatives has skyrocketed in the previous years, as shown by startup’s Beyond Meat IPO in 2019.
McDonald’s started its partnership with Beyond Meat for the trial of its plant-based patty in Ontario, Canada, last year. This partnership expired when the trial ended in April, however. Both companies have not given an update since then on their future plans — until the statement from McDonald’s on Monday.
The company statement shared that the “encouraging response” during the trial in Canada has prompted them to test the beef burger alternative in a few US cities. There is still no word on when or where it will be available, however.
According to company officials, the McPlant burger tastes the same as the Quarter Pounder or Big Mac.
“In fact, we think our culinary team nailed it. There are other plant-based burgers out there, but the McPlant delivers our iconic taste in a sink-your-teeth-in kind of sandwich,” the company stated in a blog post introducing the product.
Plant-based options for “burgers, chicken-substitutes, and breakfast sandwiches” could also be in the works, according to McDonald’s international president, Ian Borden.
Following McDonald’s McPlant announcement, the shares of Beyond Meat fell nearly 10% in early morning trading. The stock eventually regained most of it by close of trading.
A spokesperson for Beyond Meat told Yahoo Finance, “Beyond Meat and McDonald’s co-created the plant-based patty which will be available as part of their McPlant platform.”
McDonald’s reported $5.4 billion in revenue on Monday, which is a 2% decrease compared to the same time last year. Their $1.8 billion net income was up 10% year-over-year, however, which the company attributes to an increase in drive-thru and delivery customers.
Thousands of McDonald’s restaurants were forced to temporarily close indoor dining amid the pandemic. They have since reopened about 2,000 dining rooms.
Source: CBS News