Impossible Foods is no longer trying to win a coveted deal to supply McDonald�...
SAN FRANCISCO/NEW YORK - Impossible Foods is no longer trying to win a coveted deal to supply McDonald’s Corp with plant-based burgers, telling Reuters it cannot produce enough of its imitation meat to partner with the world’s No. 1 fast-food chain.
Shares of Impossible rival Beyond Meat surged on Tuesday, closing 12.5% higher, after Reuters reported that Impossible was no longer in talks with McDonald’s. Impossible Foods and its rivals are duking it out over partnerships with fast-food chains to cash in on the roughly $3,500 per person average that Americans spend each year on food away from home.
In late September, McDonald’s launched a 12-week test of a P.L.T. burger in Canada, using patties made by Beyond Meat. But McDonald’s has yet to offer a plant-based burger as a regular feature on its menu at any of its roughly 14,000 U.S. outlets. “We would have to work with them on timing but, yes, we would be able to meet their demand globally,” Beyond Meat’s chief growth officer, Chuck Muth, said last month in an interview at the Los Angeles-based company’s office.Beyond Meat, which is valued at about $5 billion after its IPO in May, weathered supply issues in 2017 and 2018, when hamburger chain A&W Canada ran out of Beyond Burgers soon after launching nationwide.
McDonald’s typically works with multiple suppliers to provide components for major menu items like burgers and French fries. Other fast-food companies - including Yum! Brands’ KFC and Dunkin Brands – have tested and rolled out plant-based versions of items on their menus, made by dominant suppliers Beyond Meat or Impossible Foods.Impossible Foods declined to comment on when it believes it might have enough supply or manufacturing capacity to partner with McDonald’s.
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