Blaze: It seems that consumers may have lost their appetite for the plant-based meat substitute company Beyond Meat. Its recent trial with McDonald’s has McFlopped, and future stock projections may leave investors feeling queasy.
Beyond Meat, which went public in 2019, has had yet another high-profile partnership yield disappointing results. The company signed a three-year global distribution agreement with fast-food giant McDonald’s back in 2021. McDonald’s then quickly added the “McPlant burger,” with a Beyond Meat vegan patty as its base ingredient, to its menu.
But customers didn’t bite, and many now project that most McDonald’s restaurants will soon stop offering it. According to JPMorgan Chase & Co. analyst Ken Goldman, who spoke with employees at 25 different McDonald’s locations, most stores cite poor sales as the reason for discontinuing the McPlant. more