Beyond Meat’s latest restaurant conquest is the Subway meatball sub
|National Post 07 Aug 2019 at 11:50|
Beyond Meat Inc., the faux meat maker whose stock has surged since its May public offering, is partnering with the Subway chain to create plant-based meatballs.
Subway, with its more than 28,000 locations in North America, would represent Beyond Meat’s biggest restaurant customer yet as the maker of meat substitute expands its distribution. The Beyond Meatball Marinara sub will be tested in 685 Subway locations for a limited time in the U.S. and Canada starting in September.
Restaurant chains are flocking to Beyond Meat and its competitor Impossible Foods Inc. as growing numbers of diners look to reduce their meat consumption for environmental and health reasons. In recent months, Beyond Meat products have appeared on Hardee’s, Tim Hortons and Dunkin’ menus, among others. Impossible’s version of the Whopper is being expanding to Burger Kings across the U.S.
CKE Restaurants, the owner of Hardee’s and Carl’s Jr., has noted that the faux meat products bring in “a brand new guest” as curious consumers try the plant-based meat. That probably appeals to Subway, which has been closing locations as its sales slump in the U.S.
Beyond Meat shares rose 2.9 per cent in early trading Wednesday. The stock has surged more than six-fold since its IPO, although it’s pared some of the gains in the past week following earnings and a deeply discounted secondary offering by inside shareholders.
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