Beyond Meat, shares are spiked after McDonald’s introduced Thursday that it’s going to test the plant-based burgers in the restaurants in Canada.
Beyond Meat’s stock value jumped more than 11%, closing at about $154 a share.
McDonald’s stated it’s going to sell what it calls the “P.L.T.” for the plant, lettuce, and tomato sandwich for 12 weeks beginning September 30 in 28 restaurants throughout Ontario, Canada. The fast-food giant mentioned it formulated the item, which can sell for $6.49 in Canadian dollars, to mimic the taste of McDonald’s standard meat patties.
Plant-based meat products have soared in popularity, with start-ups like Beyond Meat and Impossible Foods marketing pea- or soy-based patties that mimic the taste and texture of Meat. Beyond Meat in Could blew away Wall Street expectations when it’s stock value soared 163% in its public market debut.
It is also not McDonald’s first foray into plant-based Meat. In April, it launched a soy and wheat patty, known as the “Big Vegan,” in Germany, one among McDonald’s biggest international markets. It additionally offers vegan items in Sweden and Finland.
However, the new test in North America suggests McDonald’s might soon roll out meatless burgers on its home turf. Other fast-food chains which have put plant-based products on their menus this year include Burger King, Kentucky Fried Chicken and Tim Horton’s.