Large Chains Push Plant-Based Meat Value

McDonald's and Beyond Meat both released earnings on Monday, with shares of Beyond Meat falling sharply at the beginning of trading on news of an upcoming ‘McPlant’ plant-based burger from the classic fast food franchise. McDonald's performed better than expected in their earnings while Beyond Meat fell further after posting a loss for their third quarter due to coronavirus-impacted restaurant demand in plant-based meat. Data continues to show the bright future for plant-based meat, with more and more traditional fast food companies challenging newcomers like Beyond Meat to capture a chunk of the billion-dollar market.

In data collected by Statista from Polaris Market Research, the forecasted value of the plant-based meat market was projected to be nearly $13 billion worldwide in 2020. There’s no doubt that number fell sharply due to COVID-19 restrictions, however the market is expected to recover alongside other businesses to reach even greater heights in the coming years. The plant-based meat industry is expected to balloon to over $35 billion worldwide by 2027 as the technology and demand reach a harmony in the coming years.

McDonald’s planned ‘McPlant’ burger aims to capitalize on this growing industry, with competitors in all aspects of fast food already pushing out plant-based products. Beyond Meat has exploded with their innovative focus on plant-based meat, while older companies like MorningStar Farms have been experimenting heavily with plant-based frozen food products in grocery stores. Other fast food chains like Burger King and TGI Fridays have been testing plant-based products in their food lineups as well.