McDonald's announced a new plant-based option for customers, dubbed the "McPlant".
The company announced today that it was launching the McPlant after successful tests of a plant-based burger made with Beyond Meat in Canadian restaurants a year ago.
In an earlier call, McDonald's said its new McPlant line of products could eventually include plant-based chicken and meat for breakfast sandwiches. The burger chain had run a trial of a plant-based meat product supplied by Beyond Meat in parts of Canada for several months in late 2019 and early 2020. The company also plans to test McPlant, a plant-based burger, next year.
In terms of product, McDonald's will be focusing on its core menu items - Big Mac, Quarter Pounder, Chicken McNuggets and fries - which make up about 70% of food sales in its biggest markets. It seems the test went so well that McDonald's made a decision to cut out the middle man. Both companies have become prevalent across the industry in recent years.
McDonald's same-store sales - or sales at locations open at least a year - jumped 4.6% in the U.S. Customer traffic fell, but when diners came, they spent more on larger group orders. In the 1960s, the restaurants sold a burger called the Hula Burger, which was made with grilled pineapple and cheese.
Image Credit Google Finance
McDonald's is behind its competition on launching a plant-based burger in the US.
The news of the McPlant burger this week has already caused quite the stir. Those markets - the U.S., U.K., Canada, Australia, Germany and France - will see digital sales exceed $10 billion, or almost 20% of system-wide sales, this year. The fast-food chain saw a growth in sales this summer when they teamed up with Travis Scott for his signature Cactus Jack meal. However, a Beyond Meat spokesperson later clarified that the company worked with McDonald's to "co-create" the patty, per Reuters.
Shares of Beyond Meat cratered as much as 28% Monday in after-hours trading following the release of disappointing third-quarter results, capping off a frenzied day of trading for the volatile stock.
In a move that could kickstart a new round of the Chicken Sandwich War, McDonald's also confirmed its new Crispy Chicken Sandwich would arrive in the USA early next year during its virtual investor update.
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