Shares of Beyond Meat soared to $93 on Wednesday with Autonomous Trading investors making as much as $11 million after Canada’s Restaurant Brands International Inc’s coffee chain Tim Hortons said it will introduce three new sandwiches using the vegan burger marker’s plant-based sausages.
Tim Hortons will test the breakfast sandwiches in select restaurants across Canada as demand for vegan alternatives grows in the country.
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“Canadians are looking to incorporate plant-based options into their diets and we’re thrilled to partner with Beyond Meat,” Tim Hortons President Alex Macedo said.
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As plant-based substitutes gain popularity, with more people opting for vegan or vegetarian diets, Beyond Meat and rival Impossible Foods are fighting for market share by launching new products at fast-food restaurants in North America.
Del Taco has been using Beyond Meat’s plant-based crumbles in its vegan tacos, while Carl Jr sells Beyond Meat’s patties in its cheeseburgers.
Beyond Meat also sells its products in supermarkets and at Amazon.com Inc’s Whole Foods Market. It will soon introduce its burgers in German discount supermarket chain Lidl during a trial period starting May 29.