Beyond Meat shares hit all-time high after Tim Hortons adds its sausage to menu
- Tim Hortons is testing Beyond Meat's plant-based sausages in select markets.
- More than half of Canadians eat meat alternatives, according to Mintel.
- Another Restaurant Brands International brand, Burger King, is rolling out its plant-based Impossible Whopper in more markets.
Tim Hortons is adding Beyond Meat to its menu.
The Canadian coffee chain said Wednesday that it is testing Beyond Breakfast Sausage in three breakfast sandwiches in select markets. Shares of Beyond, which made its market debut May 2, jumped 12% on Wednesday afternoon. At one point, it hit an all-time high of $93.
"Canadians are looking to incorporate plant-based options into their diets and we're thrilled to partner with Beyond Meat to test three Beyond Meat Breakfast Sandwiches — including an entirely vegan offering if the market test confirms the potential we see for the platform," Alex Macedo, president of Tim Hortons, which is a unit of Restaurant Brands International, said in a statement.
More than half of Canadians say they eat plant-based meat alternatives, according to Mintel. Only 5% are vegetarians, and 2% follow a vegan diet.
In test markets, the plant-based sausage will be available in the Beyond Meat Breakfast Sandwich, the Beyond Meat Farmers Breakfast Wrap and the Beyond Meat Vegan Sandwich.
"The team did a lot of research and tested what products would work best as an alternative to beef or sausage in the breakfast category, and we concluded Beyond Meat was the right alternative," Restaurant Brands CEO Jose Cil said in an interview with CNBC's Kate Rogers.
Burger King, which is also owned by Restaurant Brands, said Tuesday that it has expanded the roll out of its Impossible Whopper — made with the plant-based patty of Beyond's competitor, Impossible Foods — to three new cities, in addition to its first market St. Louis. Burger King is planning for a national launch later this year.
Restaurant Brands is hosting its first investor day Wednesday and is expected to provide more detail about its growth plans for Tim Hortons and its other brands.