McDonald’s has announced that it will be removing its “McPlant burger” off the menu as the plant-based product failed during a 600-location trial run.
The product, which is manufactured by the company Beyond Meat, apparently left a bad taste in customers’ mouths.
JPMorgan Chase & Co. analyst Ken Goldman spoke with employees at 25 McDonald’s locations about the product and reported the news to CNBC.
“Not surprisingly,” Goldman explained, “the reason sometimes being cited is that the product did not sell well enough.”
Goldman titled his report to investors: “McPlant Seems McDone in the U.S. for Now”
Beyond Meat is a Los Angeles-based producer of plant-based meat substitutes founded in 2009. Mcdonald’s formed a three-year partnership with the producer in 2021.
“The McPlant includes a plant-based patty co-developed with Beyond Meat that’s exclusive to McDonald’s and made from plant-based ingredients like peas, rice and potatoes,” McDonald’s said at the time.
U.S. test of McPlant burger ends with lackluster demand: https://t.co/aiCTff9xUf Neither McDonald’s nor Beyond Meat has announced any plans for additional testing or a nationwide launch. #McDonalds #Food pic.twitter.com/WQtsaxDAxk
— Maurie Ryan Jacobs (@jacobsjapan) July 30, 2022
“The patty is served on a sesame seed bun with tomato, lettuce, pickles, onions, mayonnaise, ketchup, mustard and a slice of American cheese. It has the iconic taste of a McDonald’s burger because it is one.”
More on this story via Western Journal:
The apparent failure of the McPlant to excite the tastebuds of American consumers seemingly confirms rumblings from earlier this year that the test run was not going well.
“Franchisee sentiment on the sales performance was underwhelming,” Peter Saleh, an analyst at financial services firm BTIG, told QSR Magazine in March. “Their assessment was that they don’t see enough evidence to support a national rollout in the near future.”
At the time, McDonald’s was only selling 20 McPlants per day, well short of the goal of selling 40 to 60 of the sandwiches.
In the aftermath of McDonald’s ending its testing of the McPlant, shares of Beyond Meat fell 6 percent, according to a CNBC report.
It’s but the latest morsel of bad news for the faux meat company.
“Beyond’s stock has fallen 53 percent this year, dragging its market value down to $2.06 billion,” the CNBC report noted. “Wall Street has become skeptical over the company’s long-term growth opportunities as grocery sales lag. Moreover, buzzy partnerships with restaurant giants like Pizza Hut owner Yum Brands and McDonald’s haven’t progressed to many permanent nationwide menu offerings yet.”