McDonald’s will develop its own plant-based burger called the McPlant, as the market for meatless alternatives continues to grow and fast-food giants continue to make big bets on plant-based products.
McDonald’s already tested a meatless burger in Canada last year with plant-based company Beyond Meat, but McDonald’s ended the pilot this year and will instead create its own plant-based product for the McPlant.
Ian Borden, McDonald’s international president, said at an investor meeting Monday the McPlant line could chicken-substitutes and breakfast sandwiches in the future, according to USA Today.
Beyond Meat shares plummeted 8.8% following the news and McDonald’s shares slightly dipped 1.8%.
“McPlant is crafted exclusively for McDonald’s, by McDonald’s,” Borden said.
McDonald’s isn’t the only fast food chain getting in on the plant-based craze. 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 like Katy Perry and Jay-Z. Carl’s Jr., White Castle, Dunkin’ Donuts, Subway and Del Taco have also introduced plant-based substitutes over the past few years. The plant-based food market is growing as customers shift their preferences to healthier and more sustainable alternatives. According to the Good Food Institute, sales of plant-based meat grew 38% from 2017 to 2019.
$35.4 billion. That’s how much the plant-based meat market is forecasted to reach by 2027 according to Polaris Market Research.
McDonald’s is also launching its own crispy chicken sandwich to compete with the likes of Chick-fil-a and Popeyes.
What To Watch For
McDonald’s hopes to start testing the McPlant in some markets next year, but it’s unclear exactly where or when.