Food & Beverage
Beyond Meat's stock falls after end of McDonald's McPlant test run
July 29, 2022
McDonald's has ended its test of the widely-anticipated McPlant which uses Beyond Meat plant-based patties. As a result, shares of Beyond Meat fell 6%, according to a CNBC report.
McDonald's has not announced any additional plans for testing the plant-based sandwich. The brand first tested the McPlant in eight U.S. restaurants in Nov. 2021. The following February, the McPlant launched in an additional 600 trial locations. Sales overall were disappointing, according to J.P. Morgan analyst Ken Goldman.
"Consensus contemplates 21% growth for BYND's total top line this year, followed by another 25% next year. These rates will not be easy to hit, in our view, without [McDonald's] in the US," Goldman wrote in an analyst's note on Thursday.
The Chicago-based burger brand and Beyond Meat have a three-year partnership in place, with some international markets already selling the McPlant.
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