Shortages of a plant-based meat competitor are sending Beyond Meat higher.
Shares of Beyond Meat were up more than 6% in pre-market trading Monday, continuing momentum from a report Friday that said restaurants such as Red Robin and White Castle had experienced Impossible Burger shortages.
Impossible Foods, a privately held company, is a major competitor to Beyond Meat. Other companies, including Tyson Foods and Nestle, have recently jumped into the plant-based meat alternatives market, hoping to capture some of the estimated $140 billion it could be worth in the next decade.
Partnerships with restaurants - a large part of the growing demand for plant-based meat - are turning out to be crucial to Beyond's success as the field gets more crowded with competition. When Tim Hortons announced that Beyond breakfast sandwiches would be available across Canada, it sent the company's stock up as much as 16%.
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