Early this morning, fast-food king, McDonalds, announced they will be launching a plant-based burger at 28 Canadian locations. The new item is being dubbed the “PLT”, or plant, lettuce, tomato burger. McDonalds confirmed the item will contain Beyond Meat’s plant-based patties. This was great news for Beyond Meat, which has seen a 12% surge in the stock price today. McDonalds shares saw a slight 1% uptick and its outlook remains strong after showing us that they are continuing to pursue opportunities to innovate.
This news serves as further proof of shifting consumer tastes with many people limiting their meat consumption and the vegan movement abandoning it altogether. Food industry leaders are taking action in response to this shift as now McDonalds, Burger King, and Dunkin Donuts all carry plant-based meat in numerous locations. Ann Wahlgren, McDonald’s vice president of global menu strategy, commented: “This test allows us to learn more about real-world implications of serving the P.L.T., including customer demand and impact on restaurant operations.” Beyond Meat CEO, Ethan Brown has expressed confidence in his companies ability to supply any restaurant chain when there ready to carry plant-based meat options. The rise in popularity of plant-based food items will likely continue to play a significant role in the food industry and we will continue to track which companies are innovating to take advantage of this change.
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It will be interesting to see if the PLT expands beyond this Canadian pilot market. Do you think there is enough demand worldwide at this point? And who are the other players in the synthetic protein supply industry? Might be a good time to invest.
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