Beyond Meat surges after coffee chain Tim Hortons adds vegan sausages to menu By Reuters

© Reuters. Digital display shows Beyond Meat (BYND) listed on the NASDAQ stock exchange during the company’s IPO in New York

(Reuters) – Shares of Beyond Meat rose as much as 16% on Wednesday 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.

“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.

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.

On Tuesday, Restaurants Brand’s Burger King said it will sell Impossible Food’s patty in its Whopper sandwich at three new markets.

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 (NASDAQ:) Inc’s Whole Foods Market. It will soon introduce its burgers in German discount supermarket chain Lidl during a trial period starting May 29.

“We very much look forward to seeing the response to our campaign,” Lidl said in a statement.

Los Angeles-based Beyond Meat’s shares have nearly doubled since their debut on the Nasdaq earlier this month, taking the company’s market capitalization to $5.35 billion at a high of $91.80.

At least 43 percent of Beyond Meat’s outstanding shares are held by short sellers, according to analytics firm S3 Partners.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.