Beyond Meat Inc. (NASDAQ:BYND) shares dropped 7% on Thursday following reports that McDonald’s Corp (NYSE:MCD) has stopped trials for its patties burger in Canada. The plant-based meat maker was also dealt another blow after Starbucks Corp (NASDAQ:SBUX) announced that it will add an Impossible Foods sandwich to the US Breakfast lineup.
McDonald’s ends Beyond Meat meatless burger trial
In response to a customer inquiring about the plant-based meat burger McDonald’s Canada confirmed that they ended the trial on April 6. The fast-food chain added that there are not planning to bring the burger back at this time. The company is evaluating the test results to explore options on the menu in the future. The company added that they will be looking to introduce the meatless burgers to their menu at the right time.
McDonald’s had started to test the meatless burger in Ontario in September last year, and early this year, it expanded it to 24 locations for a 12-week trial. The company has indicated that its relationship with Beyond Meat has not changed.
A Beyond Meat spokesperson indicated that they were pleased with the test. In May, Ethan Brown, the Beyond Meat CEO, indicated that the trial had concluded, but there wasn’t any undesirable reason. Brown added that they were contented with the relationship they had with McDonald’s and what was going to happen there and elsewhere.
Starbucks to add Impossible Foods sandwich to its breakfast offering
Another blow to Beyond Meat after Starbucks chose Impossible Foods for its meatless alternatives. Starbucks indicated that it will add Impossible sausage and cheddar sandwiches to its menu in the summer across the around 15,000 locations in the US. The announcement comes after just two months after the coffee behemoth entered a partnership with Beyond Meat in other markets like China. Already Beyond Meat and Starbucks have a partnership deal in Canada.
Impossible Foods has been growing its reach fast, and after adding Burger King to its roster last year, it has started offering its products in grocery stores.
