Beyond Meat Stocks Spike By 16 Percent Following Partnership With Tim Horton's
Following Tim Horton's announcement that it was going to be introducing three new sandwiches using plant-based meat substitutes, share prices for Beyond Meat immediately skyrocketed.
The Canada-based coffee chain, owned by Restaurant Brands International Inc, revealed this week that it will be launching its new menu items in select restaurants across Canada in response to the growing demand from its customers.
Tim Horton's President Alex Macedo mentioned in a statement that his company is simply responding to the growing demand of customers who are now looking into adding plant-based food items into their diets. Macedo also stated that they were pretty much excited to be partnering with the leading plant-based meat substitute producer in the world for their new menu items.
Shortly after the Tim Horton's announcement, Beyond Meat's share prices jumped by as much as 16 percent throughout the trading day on Wednesday. This helped the NASDAQ-listed company to nearly double its stock prices since its public debut earlier this month. The company's IPO is considered to be one of the more successful ones this year, greatly outperforming other tech companies such as the ill-fated ride-hailing firms Lyft and Uber.
The plant-based meat manufacturer is the first of its kind on the public stock markets and has been very well received by investors. The company has managed to significantly increase its valuation since its debut, with most investors confident of its performance moving forward. As it stands, the company's public valuation is currently around $5.35 billion with its stocks trading as high as $91.80 per share.
The artificial meat industry has recently seen a boom in popularity as more people are seeking healthier options to include in their diets. Beyond meat and its rivals such as Impossible Foods have recently ramped up their marketing efforts to promote their various plant-based products.
A number of fast food restaurants and grocery stores also now carry these types of products, which range from plant-based burger patties, artificial chicken meat, artificial beef, and vegetarian sausages. Unlike previous iterations of plant-based meat products, Beyond Meat has managed to develop the technology to the point where its products are no longer distinguishable from the real thing in terms of texture and taste.
Just recently, Burger King announced that it would be selling a vegetarian version of its popular Whopper burger using Impossible Food's patties. On the other hand, Beyond Meat had struck a deal with Amazon's Whole Foods Market to exclusively carry its product. The firm also partnered with German supermarket chain Lidl, which will also start carrying its products starting next month.