Shares of Beyond Meat fell 6% in morning trading after J.P. Morgan said McDonald’s ended its U.S. test of the McPlant burger, which uses Beyond’s meatless patties.
The fast-food giant confirmed to CNBC Thursday that the McPlant test concluded as planned. Neither McDonald’s nor Beyond Meat has announced any plans for additional testing or a nationwide launch.
Beyond’s stock has fallen 53% this year, dragging its market value down to $2.06 billion. Wall Street has become skeptical over the company’s long-term growth opportunities as grocery sales lag. Moreover, buzzy partnerships with restaurant giants like Pizza Hut owner Yum Brands and McDonald’s haven’t progressed to many permanent nationwide menu offerings yet.
McDonald’s first tested the meat-free burger in eight restaurants in the U.S. in November to understand how the menu item would impact its kitchens. In mid-February, it rolled the McPlant out to roughly 600 locations to learn more about consumer demand for the menu item.
Imitation meat (Beyond Meat & Impossible Burger) has an inferior amino acid profile & protein quality compared to real meat. New Swedish study also showed that iron & zinc absorption from imitation meat is very low, due to the phytates that neutralize mineral absorption. pic.twitter.com/G5yjgOtSVO
— Alan Watson (@DietHeartNews) December 18, 2022
