Beyond Meat (BYND) - Get Beyond Meat, Inc. Report rival Impossible Foods on Tuesday launched its plant-based chicken nuggets across a select few restaurants in the U.S. and announced plans to bring the meatless offering to grocery stores by the end of the month.
Shares of Beyond Meat traded slightly lower, down 0.64% to $114.23.
Impossible Foods' meatless chicken nuggets use soy as the protein source, CNBC reported. However, unlike its meat-free burgers and sausage, the nuggets do not contain heme, which is produced from genetically modified yeast.
Impossible's nuggets come a few months after Beyond Meat launched its plant-based chicken tenders, made of faba beans, peas and other ingredients at U.S. restaurants in July.
The Redwood, Calif., company's alternative meat nuggets are available at restaurant chains like chef David Chang’s Fuku, Fat Brands’ Fatburger and Dog Haus among others.
“We are tremendously excited about our Impossible Nuggets. But this launch isn’t really about nuggets. It’s about the historic inflection point we’ve reached. For the first time, consumers unquestionably prefer meat made from plants instead of meat from an iconic animal,” said Chief Executive Pat Brown, in a statement.
Retailers including Walmart (WMT) - Get Walmart Inc. Report, Albertsons (ACI) - Get Albertsons Cos. Inc. Report, Kroger (KR) - Get Kroger Co. (KR) Report, Gelsons, Safeway, ShopRite and Giant stores will begin stocking the impossible chicken nuggets made from plants in the frozen food aisle later this month, the company said in a statement.
Over the next three months, Impossible plans to have the chicken substitute in more than 10,000 grocery stores nationwide.