Impossible Foods said this Tuesday that it is no longer vying for the nationwide deal with McDonald’s to supply its vegan patties, saying that at this stage it doesn’t make sense to acquire another large contract. Meanwhile, competitor Beyond Meat reveals to Reuters that talks with the world’s biggest fast food chain “are going well.”
Reuters reports that Impossible is not able at this stage to produce enough of its plant meat to partner McDonald’s, with CEO Pat Brown saying to the publication that “it would be stupid for us to be vying for them right now … Having more big customers right now doesn’t do us any good until we scale up production.”
Beyond Meat on the other hand anticipates that it will be able to meet production demand, and at the same time, it is reported that McDonalds is testing its trial Beyond Meat product The PLT in further Canadian locations. Beyond Meat commented to Reuters that talks with McDonald’s are going “very well” and that its updated multinational facilities will definitely be able to supply enough patties for the deal, not just in the US but around the world.
Shares of Beyond Meat surged on Tuesday, closing 12.5% higher after the news was announced.