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(Reuters) – Beyond Meat shares rose 16% on Wednesday after Canadian restaurant chain Restaurant Brands International Inc. announced it would introduce three new sandwiches using vegan hamburger herbal sausages
Tim Hortons will be testing sandwiches for breakfast in some restaurants across Canada as demand for vegan substitutes increases in the country.
"Canadians are looking to incorporate plant-based options into their diet and we are excited to partner with Beyond Meat," said Tim Hortons President Alex Macedo.
While plant-based alternatives are gaining popularity and more and more people are choosing vegan or vegetarian diets, Beyond Meat and its rival, Impossible Foods, are competing for market share by launching new products in fast food. -foods in North America.
Burger King, of Brand's Restaurants, announced Tuesday that he would sell the Impossible Food galette in his Whopper sandwich in three new markets.
Del Taco uses Beyond Meat's vegetable crumbs in his vegan tacos, while Carl Jr sells Beyond Meat's pancakes in his cheeseburgers.
Beyond meat also sells its products in supermarkets and in the Whole Foods market of Amazon.com. He will soon introduce his hamburgers into the German supermarket chain Lidl discount during a trial period starting May 29.
"We are very excited to see the response to our campaign," Lidl said in a statement.
Los Angeles-based Beyond Meat shares have nearly doubled since their Nasdaq debut earlier this month, raising the company's market capitalization to $ 5.35 billion, to a record high of $ 91.80. .
According to analyst firm S3 Partners, at least 43 percent of Beyond Meat's outstanding shares are held by short sellers.
(Report by Nivedita Balu in Bengaluru, edited by Shinjini Ganguli)
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