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Summary
- Beyond Meat Inc. to supply plant-based meat patty for McDonald’s new burger.
- The Los Angeles-based company posted a fourth quarter loss of $25.1 million.
- It also supplies faux meats to fast-food chains such as KFC, Taco Bell, and Pizza Hut.
While this may seem farfetched for the famished meat-eaters, the idea is slowly gaining grounds in some parts of the world. Unlike the case of vegetarianism vs non-vegetarianism, this new product seeks to replace the meat itself with a plant-based product that mimics the animal protein.
If this Los Angeles-based company Beyond Meat’s strategy comes to fruition, it would flood the markets with their yellow pea and potato-based meat across North America, and perhaps beyond, in the coming months.
The company has recently signed a contract with the McDonald’s Yum to supply their product made with yellow pea, potato starch, canola oil, and other ingredients. Its growing list of customers also include other global fast-food chains such as KFC, Taco Bell, and Pizza Hut.
McDonald’s plans to introduce the new meat patty in its new burger being developed for its loyal customers, and part of a plan to upgrade the menu. The companies hope to cash-in from the easing of COVID restrictions in the coming months as more people would resume eating in restaurants.
The hotel and restaurant business has been among the worst hit in the pandemic. But things are looking up as more vaccines are made available and the governments are lifting restrictions.
Faux Meat Patty, Sausages Catches People’s Imagination
Pic Credit Pixabay.
Beyond’s customers, which were mostly high-end restaurants and food chains, in the pre-pandemic period are gradually returning to its fold, and the company is hopeful that it will be able to go full steam soon. It had to rely entirely on the supermarkets for sales during the lockdown.
In the fourth quarter ended December 31, 2020, the company reported a loss of $25.1 million.
Commenting on the McDonald’s deal, Beyond founder Ethan Brown said that it is one of the biggest food deals in the business that will help offset the losses and enhance the company’s profile.
Founded in 2009, the company specializes in plant-based meat sausages and patties. The company claims that they are similar in taste, appearance, and feel of the traditional meat.
The products, also called as faux meats, are attracting new customers in the US. Their proponents argue that the traditional meat industry creates pollution and the killing also adds to cruelty. Some fast-food chains have also praised faux meat for bringing in new customers to their doorsteps.
Beyond Stocks (NASDAQ:BYND) were trading at US$145.79 at close on Friday, which was an increase of 0.20 percent from the previous close.
