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McDonald's unveils McPlant line, which includes meatless patty co-created by Beyond Meat
McDonald's will test a meat-free burger in several markets next year as it adds plant-based menu offerings, which it has coined "McPlant."
International President Ian Borden said that McPlant was created "by McDonald's and for McDonald's." Borden said that the McPlant line could also include chicken substitutes.
McDonald's has not yet disclosed the supplier for the line. A company spokesperson declined to identify their supplier but said that McDonald's will not be manufacturing the products.
But a spokesperson for Beyond Meat said in a statement to CNBC that the company co-created the plant-based patty that will be available as part of the McPlant line. Shares of Beyond rose as much as 4% in afternoon trading after falling as much as 6% earlier on Monday. The stock, which was briefly halted for volatility in both morning and afternoon trading, is currently down less than 1%.
See also: Beyond Meat shares rise on news that it collaborated with McDonald's on the McPlant options
Beyond Meat earnings miss big on declining food service and consumer demand
Beyond Meat's partnership with McDonald's to develop the McPlant burger wasn't enough to keep shares from collapsing after the company posted third-quarter earnings that fell far below analysts' expectations.
The big miss sent shares tumbling nearly 29% in after markets closed Monday after reporting it generated $94.4 million in revenues and a loss of 28 cents per share versus the $132.8 million in revenue and 5 cents per share loss that analysts had expected.
Previously: Meatless "Beyond Burgers" Come to Fast Food Restaurants
Following IPO of Beyond Meat, Tyson Foods Plans Launch of its Own Meatless Products
Plant-Based "Impossible Burger" Coming to Every Burger King Location
Meat Industry PR Campaign Bashes Plant-Based Meat Alternatives
Bot Orders $18,752 of McSundaes Every 30 Minutes to Find If Machines are Working
(Score: 4, Informative) by Phoenix666 on Wednesday November 11 2020, @01:03AM
McDonald's has been suffering flat sales in recent years for a few reasons. One is that some customers have been looking for healthier alternatives. Another is brand dilution, which has crept in through breakfast burritos and salads. Also, chains like Shake Shack and Five Guys have been eating into McDonald's core brand identity. Introducing veggie burgers with Impossible Burgers and now McPlant is an attempt to shake up the market and win back customers who have been defecting for healthier alternatives.
It's a gimmick, though, and only exacerbates losses because of brand dilution and competition from "real" burger chains while not bringing back health minded consumers.
So it doesn't really matter what the plant-based burgers taste like. Truth be told, the plant-based varieties in all their different forms taste fine, if different. Brand identities and customer expectations don't always map to actual dining experience the way we think they do.
Washington DC delenda est.