The imitation meat market dominated by Beyond Meat (BYND) - Get Report and Impossible Foods got a bit more crowded Monday, with food industry giant Cargill throwing its hat in the ring.

The global food and agricultural company announced it will be launching its own private-label brand of plant-based patties and ground beef in early April, when the new products will begin hitting the menus at restaurants and the shelves at grocery stores.

Shares of Beyond Meat plummeted 6.88% to $109.37 a share amid a rough start for the stock market as the number of coronavirus cases outside China escalated.

Privately held Cargill, in a press statement, said it has pumped $7 billion into the development of animal protein products over the past five years while making "strategic investments in the alternative protein space."

The company said it intends to leverage its global supply chain to more efficiently produce and deliver "fake meat" products to restaurants and grocery stores, which can in turn sell the imitation meat under their own brand names.

The Minneapolis-based Cargill has 160,000 employees in 70 countries.

"We've combined our deep knowledge of plant proteins with our expertise in R&D, product development, and production," said Elizabeth Gutschenritter, head of Cargill's alternative protein team.

Cargill is also throwing the gauntlet down when it comes to taste as well.

"We've created some of the best-tasting products available in the plant-based category today," Gutschenritter said.

Beyond Meat is set to report its quarterly earnings Thursday, with investors expected to look closely at the early results from the company's partnership with McDonald's. (MCD) - Get Report