Beyond Meat jumps on Taco Bell plan for test of new menu item
Taco Bell said it will begin testing a Beyond Meat menu item in the U.S., sending the faux-meat maker’s shares higher Thursday.
The fast-food chain, a division of Yum! Brands Inc., said the companies are working together to create “an innovative new plant-based protein” that will be tested in the next year. Taco Bell cited Beyond’s “record of attracting younger customers” as part of its decision to partner with the brand.
Beyond shares jumped as much as 6.1% Thursday in New York as of 9:31 a.m.
Taco Bell Chief Executive Officer Mark King had said in early 2020 that the restaurant was ready to embrace meat alternatives, a contrast to its previous stance that the vegetarian options on its menu using beans and cheese were sufficient.
He met with both Beyond and Impossible Foods Inc., he told Bloomberg News last February. Impossible declined to comment Thursday, noting that “as a matter of policy, we don’t comment on other companies.”