Beyond Meat this week announced a global strategic partnership with Yum! Brands to co-create and offer plant-based protein menu items at KFC, Pizza Hut and Taco Bell over the next several years.
The same day a three-year global strategic agreement with McDonald’s was simultaneously announced seeing Beyond Meat become the preferred supplier for the patty in the McPlant plant-based burger.
Beyond Meat and McDonald’s will also explore co-developing other plant-based menu items – like plant-based options for chicken, pork and egg – as part of McDonald’s broader McPlant platform.
KFC was the first US quick-service restaurant to introduce plant-based chicken, and Pizza Hut US becoming the first national pizza chain to introduce a plant-based meat pizza coast-to-coast.
The agreement further solidifies the relationship between McDonald’s and Beyond Meat, which began in 2019 with the Canadian test of a sandwich made with Beyond Meat’s plant-based patty.
At the end of 2020 Beyond Meat had products available in circa 122,000 retail and foodservice outlets in over 80 countries worldwide. These new deals will doubtless see foodservice rise significantly.
The announcements follow Beyond Meat releasing their Full Year 2020 Financial Results.
- Net revenues were $406.8 million, an increase of 36.6% year-over-year.
- Gross profit was $122.3 million, or gross margin of 30.1% of net revenues – Adjusted gross profit was $133.7 million, or Adjusted gross margin of 32.9% of net revenues, reflecting exclusion of expenses attributable to COVID-19.
- Net loss was $52.8 million, or $0.85 per common share – Adjusted net loss was $37.1 million, or $0.60 per common share, reflecting exclusion of expenses attributable to COVID-19.
- Adjusted EBITDA was $11.8 million, or 2.9% of net revenues.
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Hospitality & Catering News: QSR giants McDonald’s and Yum! agree global deals with Beyond Meat. – 27 February 2021 – QSR giants McDonald’s and Yum! agree global deals with Beyond Meat.
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