November 30, 2020

Market and Financial News Aggregator

Plant-based ‘McPlant’ burger launching at McDonald’s

2 min read

McDonald’s—the home of the iconic Big Mac and Quarter Pounder—announced a new burger today.

This one, however, will be made of plants.

The company said during its investor update that it will be rolling out a line of plant-based products. The new “platform” will be called McPlant, and the company said it will begin testing a McPlant burger in some markets next year. It will be served on a sesame seed bun with classic toppings, the company said.

“In the future, McPlant could extend across a line of plant-based products including burgers, chicken-substitutes and breakfast sandwiches,” Ian Borden, president of international at McDonald’s, said during the update. “When customers are ready for it, we are ready for them.”

McDonald’s CEO Chris Kempczinski said McPlant would become a core menu option and it would be left to regional markets to decide if customer demand was there for it.

McDonald’s tested a burger made with Beyond Meat’s plant-based meat in Canada last year. McDonald’s, however, did not specify which suppliers it would use globally for its new platform. Beyond Meat’s share price at one point dropped more than 8% on the news this morning.

Beyond Meat competitor Impossible Foods said last year that it had stopped vying for McDonald’s business because it could not produce enough product to partner with the fast food giant.

McDonald’s announced a new strategy more broadly today, which includes faster drive-thrus, a new chicken sandwich, and a points-based loyalty program.

More must-read retail coverage from Fortune:

  • How Land O’Lakes saved its farmers’ milk during COVID-19
  • “Emotional” purchases and splurges on fun handbags mitigate sales declines at Kate Spade and Coach
  • Target’s CEO says its mask-wearing requirement is about safety, not politics
  • How Saks Fifth Avenue is providing luxury shoppers with “comfort food” during the pandemic
  • The world’s largest shopping event is taking place not once—but twice—this year

Beth Kowitt

2020-11-09 12:04:34

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