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.