Beyond Meat plummeted as much as 10% on Thursday after it was reported by CBC that McDonald's ended its Beyond Meat trial in Canada with no set plans for a vegetarian option. According to the report, the trial with McDonald's ended in April and the fast-food company is "evaluating what it learned from the test." Beyond Meat provided McDonald's with its plant-based burger patties for a six-month trial starting in September of last year. Bullish investors in Beyond Meat have been hoping for a permanent tie-up between McDonald's and the alternative meat company since the partnership began. Visit Business Insider's homepage for more stories.
Beyond Meat plunged as much as 10% on Thursday after it was reported by CBC that McDonald's ended its Canadian trial of the plant-based burger in April with no plans to continue. McDonald's told CBC news that it has no update on its Beyond Meat burger offering, and that it's "evaluating learnings" from the trial "to help inform future plant-based menu decisions." McDonald's began to offer the P.L.T. burger, or plant-lettuce-tomato, in September of last year in several locations in southwestern Ontario. The test was conducted to see if the burger would be a viable option for its locations around the globe. According to CBC, "McDonald's made no public announcements when the P.L.T. trial ended in April. It also removed information about the burger from its website with no explanation." Read more: Morgan Stanley handpicks 10 stocks to buy now for the richest profits as travel and outdoor activities transform in the post-pandemic world In response to CBC, Beyond Meat said in an email, "We can only comment generally and share that we were pleased with the test." In Beyond Meat's May earnings call, JPMorgan analyst Ken Goldman remarked to management: "... typically if a test did well, the retailer wouldn't end it, they would expand it." Beyond Meat CEO Ethan Brown responded to Ken: "I can assure you there's no issue with McDonald's ... this is a way it's been planned and the way it's being executed. And there's been no change at all. I can't promise you that we'll see a massive expansion tomorrow. But there's been no change in information since we began this test and got good results in the beginning and got good results at the end." Shares of Beyond Meat traded down as much as 10% to $136 in Thursday morning trades. Despite today's drop, Beyond Meat is up more than 90% year-to-date. Join the conversation about this story » NOW WATCH: Why electric planes haven't taken off yet
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Farmers and meat lobbyists accuse plant-based food producers of ‘cultural hijacking’The terms “veggie burger” and “veggie...Farmers and meat lobbyists accuse plant-based food producers of ‘cultural hijacking’The terms “veggie burger” and “veggie sausage” could be banned under proposals being voted on by the European parliament next week. Also banned would be terms such as “yoghurt-style” and “cheese-like” for plant-based alternatives to dairy products.Sales of these products are growing fast but farming and meat lobbyists say the terms mislead people and amount to a “cultural hijacking” of the meat industry. Opponents, backed by major food companies including Unilever and Nestle, say the claims of consumer confusion are ridiculous. They say a ban would also contradict the EU’s drive to help consumers choose more sustainable food and cut climate-heating emissions. Continue reading...
The supply chain for traditional meat is buckling, and plant-based alternatives from companies like Impossible Foods...The supply chain for traditional meat is buckling, and plant-based alternatives from companies like Impossible Foods and Beyond Meat are filling the void.
Burger King, the second-largest food chain in the world, has been notified to ban misleading ads...Burger King, the second-largest food chain in the world, has been notified to ban misleading ads for its "plant-based burger" in Britain. The UK's advertising regulator found that the burger chain falsely promoted a vegan-friendly product, which was cooked alongside meat products and contained egg-based mayonnaise. Burger King claimed that its small text at the bottom of the ads with mentions of "T&Cs apply" was meant to imply that the product might not be suitable for vegans and vegetarians. Visit Business Insider's homepage for more stories. Burger King introduced and promoted its first plant-based burger, the Rebel Whopper, in January. These ads have since been banned by the UK's independent advertising regulator, the Advertising Standards Authority (ASA). Ten complainants came forward with allegations that the burger was not suitable for vegetarians, vegans, or those with egg allergies as it was cooked alongside meat products and contained egg-based mayonnaise. For this reason, the "plant-based burger" in the fast-food chain's ads came across as misleading. Burger King UK's Twitter account promoted its vegan-friendly burger with images of the product which stated "100% WHOPPER. NO BEEF". You asked and we listened. Introducing the Rebel Whopper, our first plant-based burger! 🍔 Pick up yours exclusively with the app on the 6th and 7th and then available as usual from the 8th. T&Cs apply. pic.twitter.com/uXaOFdZ5BX — Burger King (@BurgerKingUK) January 6, 2020 On its Facebook ads, a round logo was seen at the bottom left of the image that said "POWERED BY THE VEGETARIAN BUTCHER", while text in small font at the bottom stated: "*Product is cooked alongside meat products." Another Facebook post on the Burger King UK account stated "TASTE OF BEING WOKE" beside an image of the Rebel burger. Smaller text below said, "T&C's apply." At the very top, the Burger King logo and the Vegetarian Butcher logo were shown. Burger King's response The fast-food chain maintained that the disclaimer explained in small print at the bottom were meant to imply that the Rebel Whopper might not be suitable for vegans or vegetarians as it was cooked alongside other meat products. It added that the information was "clearly communicated" to journalists and on all its social media posts and in subsequent customer dialogue. ASA's call to ban the Whopper ads The Advertising Standards Authority considered that consumers would understand the claims as put forth by the ads and, in particular, the claim "plant-based burger" to mean that it would not contain any beef or animal products. It also considered the presence of the "Vegetarian Butcher" logo, the green color palette and the timing of the product release and its advertisement to coincide with 'Veganuary' which further led to misleading information. The regulator said that although the patty itself was plant-based, it was cooked on the same grill as meat products and also contained egg-based mayonnaise. With that reasoning, it made clear that the ads must not appear again in their current form.SEE ALSO: When my workout leaves me too exhausted to make a shake, I reach for these vegan, organic protein drinks Join the conversation about this story » NOW WATCH: Why thoroughbred horse semen is the world's most expensive liquid