Jim Cramer: Beyond Meat Should Be Down on Starbuck's Deals With Impossible Foods
Where’s the beef? You won’t find it in the latest breakfast sandwich at Starbucks.
Starbucks announced Tuesday that the Impossible Foods sausage, egg and cheddar sandwich will now be available in the majority of its 15,000 U.S. locations.
Impossible Foods is making plant-based foods that deliver unrivaled taste, nutrition and convenience. We’re excited to work with Starbucks, which shares our mission to make the global food system sustainable,” Impossible Foods CEO and founder Patrick O. Brown said in a press release.
The move follows growing interest in plant-based protein. “Over the years, in response to customer interest, we have added plant-based milk alternatives such as soy, coconut, almond, and oat milk. We are thrilled to expand our plant-based menu into food with this new breakfast sandwich,” said Michael Kobori, chief sustainability officer at Starbucks.
The sandwich had previously been available in Canadian Starbucks locations.
While this marks a big win over Impossible Food’s public competitor Beyond Meat, Beyond isn’t absent from Starbuck’s supply chain either.
Beyond and Starbucks reached an agreement earlier this year to feature Beyond products in Chinese locations as well as a deal in China.
Meanwhile, Impossible entered the mainstream breakfast game earlier this year with a featured breakfast sandwich at Burger King.
While Jim Cramer noted that there are multiple ways to "skin the cat," Starbuck's deal with Impossible will have an impact on Beyond, though he couldn't quantify the whole impact just yet.
As of midday trading, Beyond was down over 3% to $154.04.