Beyond Meat (BYND) is rising, while Starbucks (SBUX) shares price is falling amid the ongoing coronavirus crisis globally. Starbucks is going to debut Beyond Meat Products in China as part of the coffee chain’s sustainability push.
Beyond Meat Inc (NASDAQ: BYND) stock rose by 2.87% to trade slightly above $79.12 on Monday, April 20. Today in teh pre-market, the tendency remains the same. BYND is up 8.13%. This was in contrast to the Starbucks Corp (NASDAQ: SBUX) stock which dropped by 2.31% to trade at $75.34 yesterday. And it is 1.35% down today now. This comes as the two businesses fight their way amid the ongoing coronavirus crisis.
Starbuck’s stock has fallen a whopping 14% since the calendar flipped, despite its huge valuation of $88.4 billion. On the other hand, Beyond Meat’s shares have gained 5% until now, with a market value of $4.91 billion.
In a bid to thrive amid the confusion, Starbucks is teaming up with Beyond Meat Inc. and two other companies to launch a plant-based protein lunch menu in China. This is according to an announcement made on Monday by Starbucks that it will start offering plant-based proteins from beyond Meat, Omnipork, and also from non-dairy beverages from Swedish oat milk brand Oatly.
The menu will add pesto pasta, a Vietnamese model salad and also a lasagna. All three will be available from the Chinese outlets starting from today.
“Today we mark an important milestone as Beyond Meat launches in China, advancing our goal of increasing accessibility to plant-based protein globally,” said Ethan Brown, the Founder and Chief Executive of Beyond Meat Inc.
Studies have shown the negative impact of consuming animal proteins and the endless benefits of consuming plant-based proteins. As a result, most chain restaurants are moving in the direction of plant-based proteins due to increased demand from the customers.
In an interview with the CNBC, Starbuck CEO Kelvin Johnson said that the company has so far reopened more than 95% of its cafes in China after the temporary closure due to the coronavirus pandemic.
According to CNBC, the partnership with Starbucks has marked the Beyond Meat’s entry into the Chinese and the greater Asian market. This is in plans with the company’s goal to expand its market to Asia by the end of 2020.
Beyond stock is shaky despite the rise amid the ongoing coronavirus crisis, because most of its customers, the restaurants, have experienced a sharp drop in customers. However, most of the restaurants are still operating by offering their services in deliveries to cater for the loss of revenue.
The condition might not be sustained if the coronavirus crisis is not contained soon enough before the economy gets another blow. The relationship with Starbucks in China will open up a new whole market, where most people are now afraid of meat products due to fear of contracting animal diseases.
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