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McDonald's Holds Back On Plant-Based Burger Trend

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McDonald's Holds Back On Plant-Based Burger Trend

McDonald’s Corp (NYSE: MCD) said Thursday that it is not sharing any plans to join the meatless burger trend, according to CNBC

McDonald’s shares were trading down 0.79 percent at $198.39 at the time of publication Thursday. 

During the annual shareholder meeting for the Golden Arches, Chief Marketing Officer Silvia Lagnado said the company is monitoring plant-based meat alternatives but would not disclose any plans at this time, CNBC reported. 

Global sales of the alternative meat substitutes like plant-based burgers could reach $140 billion annually in a decade, taking 10 percent of the $1.4-trillion world meat market, according to Barclays.

Los Angeles-based Beyond Meat Inc (NASDAQ: BYND) is the newly public, $4.8-billion maker of a plant-based meat substitute. Beyond Meat showed volatility on increased volume on the McDonald’s update Thursday. 

Beyond Meat shares rallied and were more than 3-percent higher at $80.03 at the time of publication. 

Related Links: 

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Photo by Bryan Hong/Wikimedia

Posted-In: Barclays CNBCNews Restaurants Events Media General Best of Benzinga

 

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