Beyond Meat Inc (NASDAQ: BYND) investors chewed up some more good news Tuesday afternoon.
“It would be stupid for us to be vying for them [McDonalds] right now," Impossible Foods CEO Pat Brown told Reuters, "having more big customers right now doesn’t do us any good until we scale up production.”
Why It's Important
Impossible Foods and Beyond Meat are competing to win market share in a fast-growing segment that's a fraction of the size of the overall meat market.
Deliveries of plant-based meat alternative cases to commercial restaurants rose by 23% for the 12-month period ending in November, according to data from NPD Group cited by Reuters.
Beyond Meat's stock closed Tuesday's session higher by 12.47% at $83.89 per share. The stock traded higher on earlier news that Impossible Foods will soon supply Burger King with products that mimic the texture and taste of pork.
Burger King is a subsidiary of Restaurant Brands International Inc (NYSE: QSR).