McDonald’s will develop its own plant-based burger, called McPlant. The company has noticed that the market for meatless alternatives continues to grow and the fast-food giants continue to make big bets on plant-based products.
The company already tested a meatless burger in Canada last year in partnership with Beyond Meat, but decided to end the tests this year and will instead create its own plant-based product for McPlant. Ian Borden, international president of McDonald’s, said at an investor meeting yesterday (9) that the McPlant line could replace chicken and breakfast sandwiches in the future, according to “USA Today”. Beyond Meat shares plunged 8.8% after the news and McDonald’s shares fell slightly by 1.8%.
“McPlant will be designed exclusively for McDonald’s, by McDonald’s,” said Borden.
McDonald’s isn’t the only fast food chain getting into the plant-based fad. Burger King already has a meatless burger through a partnership with Impossible Foods, a plant-based meat company backed by Bill Gates, Serena Williams and other celebrities including Katy Perry and Jay-Z.
Other North American chains like Carl’s Jr., White Castle, Dunkin’ Donuts, Subway and Del Taco have also created plant-based substitutes in recent years. The plant-based food market is booming as customers shift their preferences towards healthier, more sustainable alternatives.
According to the Good Food Institute, plant-based meat sales grew by 38% from 2017 to 2019. According to Polaris Market Research, the plant-based meat market is expected to reach a value of $35.4 billion by 2027. McDonald’s is also introducing its own crispy chicken sandwich to compete with companies like Chick-fil-a and Popeyes.
The company hopes to start testing the new McPlant in some markets as early as 2021, but did not provide further details.