Beyond Meat Jumps as McDonald’s Eyes McPlant Expansion
In 2020, plant-based meat producer Beyond Meat announced a joint venture with McDonald’s, in which they would collaborate on the production of a new offering for consumers.
Testing began on the “McPlant” burger in eight McDonald’s locations in the US this November and, following successful results, Piper Sandler analyst Michael Lavery has reported that the fast-food giant is ready to make the McPlant available nationwide in early 2022.
As a result of this news, yesterday, the Beyond Meat share price jumped more than 9% during the session.
However, despite its positive performance on Tuesday, Beyond Meat shares remain down more than 40% year to date. This stock market decline is mainly due to a fall in demand for their products, as less Covid-19 restrictions mean more people are dining out than they were in 2020. Furthermore, the company has also been battling with supply chain issues, which have affected its ability to bring its products to market. Therefore, yesterday’s reports came as welcome news to investors.
McDonald’s has more than 13,600 restaurants across the United States; should the McPlant become available at all these locations, it is not just likely to provide a much-needed boost to Beyond Meat specifically, but also to the wider plant-based meat industry.
It is worth noting that the McPlant has already begun life well outside the US and is currently available in Sweden, Denmark, Austria, the Netherlands and the United Kingdom. If it continues to grow in popularity, Beyond Meat’s share price could be set for further rises.
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