Beyond Meat's (BYND) stock falls on news that Nestle will launch a veggie burger

: BYND | Beyond Meat, Inc. - Common stock News, Ratings, and Charts

BYND – Nestlé announced Monday that it will launch a veggie burger in the US this fall.

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  • Nestlé announced Monday that it will launch a veggie burger in the US this fall.
  • Shares of Beyond Meat slid as much as 5% on the news.
  • Plant-based protein is gaining popularity in the US and abroad, with grocery stores and fast-food chains adding vegan options.

Beyond Meat, the plant-based burger maker, has some new competition.

On Monday, Nestlé said it is planning to launch its own plant-based burger in the US, sending Beyond Meat shares down as much as 5%. Beyond Meat has been the best-performing US IPO this year, up almost 300% from its initial-public-offering price of $25.

The veggie burger will be launched this fall by Nestlé’s Sweet Earth brand, CNBC reported Monday. The news comes as plant-based protein is gaining popularity in the US. Both grocery stores and fast-food chains now offer alternative meat to consumers. The $14 billion market could balloon to roughly $140 billion over the next decade, according to a report by Barclays.

Sweet Earth’s Awesome Burger will be made with pea protein, similar to Beyond Meat’s patty. The burger is not Nestle’s first foray into the plant-based burger world — the company in April launched a soy-and wheat-based burger in Europe under its Garden Gourmet brand. In addition, it’s Incredible Burger is available at McDonald’s in Germany.

Impossible Foods, another competitor, makes a veggie burger with soy protein. The company worked with Burger King to create the Impossible Whopper, a vegan burger that the chain plans to roll out to the entire country by the end of the yearFast-food chains such asKFC, Del Taco, and Tim Hortons have also added vegan meat to menus in recent months, and Chick-fil-A and McDonald’s are also exploring adding vegan options to their menus.

Beyond Meat’s stock could see a 30% lift if it secures a partnership with McDonald’s, analysts at Jefferies wrote in a note. The company, which has gained more than 300% since its May IPO, is being watched closely by investors as the stock price surge has made it an expensive short.

Beyond Meat will report its first quarterly earnings as a public company after Thursday’s closing bell.

 

 

 

 


Beyond Meat Inc. shares . Year-to-date, BYND has gained 46.25%, versus a 10.35% rise in the benchmark S&P 500 index during the same period.

 

 

 

 

 


This article is brought to you courtesy of Business Insider.

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