McDonald's drops "the McPlant" on the same day that Beyond face plants
Well, this is awkward... or is it just savage? Yesterday, plant-based icon Beyond Meat served up a surprising loss and disappointing quarterly sales. On the same day, McDonald's delivered expectation-beating growth and unleashed this on the world: "the McPlant."
- The McPlant is a (wait for it) plant-based burger crafted "for McDonald’s, by McDonald’s." Mickey D’s plans to test it in several countries next year.
- Beyond Meat says it co-created the McPlant patty, but McDonald's made zero mention of Beyond in its announcement. Awkward...
Not feelin' McLovin'... Beyond might be feeling a bit used. Last year, McDonald’s began testing a meatless burger ("PLT") in Canada that used Beyond patties. While McDonald's ended that pilot, it clearly saw potential in the meatless, McPlant-based market. Mickey D’s hasn't yet confirmed the supplier, but it won't be making it itself.
McDonald's wants all the attention... If Beyond is supplying, that could mean a lucrative long-term partnership with America's largest restaurant by sales — would be nice, considering Beyond lost $19M last quarter. But McDonald's clearly isn't showcasing Beyond's brand with McPlant — unlike Dunkin' with the Beyond Breakfast sandwich. Beyond might be willing to go anonymous and trade brand recognition for cash recognition.