- The stock price of Beyond Meat, Inc. (NASDAQ:BYND) is trading at over 4% pre-market. This is why it happened.
The stock price of Beyond Meat, Inc. (NASDAQ:BYND) is trading at over 4% pre-market as of 5:26 AM ET. Investors are responding to a couple of partnership announcements.
Yum! Brands Partnership
Beyond Meat had announced a global strategic partnership with Yum! Brands (NYSE: YUM) for co-creating and offering plant-based protein menu items that can only be found at KFC, Pizza Hut, and Taco Bell over the next several years. And Beyond Meat and Yum! Brands expect to leverage their industry-leading research and development capabilities to meet the evolving tastes of the consumers.
Beyond Meat’s strategic partnership with Yum! Brands will be an expansion of the companies’ growing track record of collaborations to offer plant-based products. KFC was the first national U.S. quick-service restaurant to introduce plant-based chicken when it tested Beyond Fried Chicken at an Atlanta-area restaurant in 2019. Since that initial rollout, KFC has expanded testing of Beyond Fried Chicken in other U.S. cities. And in 2020, Pizza Hut U.S. launched the Beyond Italian Sausage Pizza and the Great Beyond Pizza nationwide, becoming the first national pizza chain to introduce a plant-based meat pizza coast-to-coast.
Through this collaboration, Yum! Brands will build on their tradition of food innovation and creating new consumer markets for industry-defining items and increase the number of plant-based options that appeal to flexitarians, those looking to incorporate plant-based meat or more diverse protein options into their diets.
The terms of the global strategic partnership are subject to mutually agreeable definitive agreements.
Key Quotes About Yum Brands Partnership:
“We are honored to enter into a global strategic partnership with Yum! Brands, one of the world’s largest restaurant companies. We look forward to expanding our work with the teams at Yum’s iconic KFC, Pizza Hut, and Taco Bell brands to together bring truly delicious plant-based product innovation to consumers.”
— Ethan Brown, Beyond Meat Founder & CEO.
“Today’s announcement builds on our strong relationship with Beyond Meat and, given the consumer response during recent tests with Beyond Meat, we’re excited about the long-term potential plant-based protein menu items have to attract more customers to our brands, especially younger consumers. We expect this Beyond Meat partnership to strengthen our brands’ capability to offer delicious, plant-based menu items that are driven by consumer demand for more diverse protein options and our brands’ strategies in local markets.”
— Chris Turner, Yum! Brands CFO
Beyond Meat had announced the establishment of a three-year global strategic agreement with McDonald’s. And as part of the agreement, Beyond Meat will be McDonald’s preferred supplier for the patty in the McPlant, a new plant-based burger being tested in select McDonald’s markets globally. And Beyond Meat and McDonald’s will 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.
This agreement will bring together McDonald’s iconic global brand with Beyond Meat’s leading expertise in plant-based protein development to create and market innovative new plant-based menu offerings. And this announcement 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.
Key Quotes About McDonald’s Partnership
“Our new McPlant platform is all about giving customers more choices when they visit McDonald’s. We’re excited to work with Beyond Meat to drive innovation in this space, and entering into this strategic agreement is an important step on our journey to bring delicious, high quality, plant-based menu items to our customers.”
— Francesca DeBiase, McDonald’s Executive Vice President and Chief Supply Chain Officer
“We are proud to enter into this strategic global agreement with McDonald’s, an exciting milestone for Beyond Meat, and look forward to serving McDonald’s as they bring expanded choice to menus globally. We will combine the power of Beyond Meat’s rapid and relentless approach to innovation with the strength of McDonald’s global brand to introduce craveable, new plant-based menu items that consumers will love.”
— Ethan Brown, Beyond Meat Founder & CEO
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.