McDonald's Corp (NYSE:MCD, ETR:MDO) has revealed that trials of its plant-based burger were unsuccessful in two major markets, Dallas and San Francisco.
President of McDonald’s USA Joe Erlinger said during the Wall Street Journal’s Global Food Forum in Chicago on Wednesday that US consumers are not seeking out the “McPlant or any other plant-based proteins from McDonald’s.”
Erlinger said the company is making investments in its chicken products as they are being favored by consumers.
McDonald’s sells more chicken than beef, he said, attributing its popularity in part to affordability.
“Chicken is less expensive to produce, and so for a consumer that’s looking for more affordable food, chicken is a great option right now,” Erlinger said.
Shares of Beyond Meat, which partnered with McDonald’s on the McPlant burger, fell as much as 5% on Erlinger’s comments.
It traded down 1.6% at $6.41 in the early afternoon while McDonald’s shares were flat at about $257.