Starbucks Corporation SBUX recently announced that it will include plant-based food and beverages to menus across Asia from September in a bid to attract more customers. The company’s new menu will comprise products from Impossible Foods, Oatly and Beyond Meat, Inc. BYND.
The company will launch new products in markets including Hong Kong, Singapore, New Zealand, Taiwan and Thailand. The new products will be based on the local tastes and preferences.
The company announced that its new products will have the Spiced Impossible Puff and Maize Impossible Sandwich in Hong Kong, and Beyond Meat Bolognese Penne in Taiwan. In Singapore, the company will launch the Impossible Wrap including an Impossible Burger patty, avocado omelette, mushroom, caramelised onion and cheese.
Innovation to Drive Top Line
Starbucks is strengthening product portfolio with significant innovation around beverages, refreshment, health and wellness, tea and core food offerings. The company is leaning toward fast-growing categories like Cold Brew, Draft Nitro beverages, and plant-based modifiers, including almond, coconut, and soy milk alternatives.
Starbucks’ recent collaboration with Beyond Meat to roll out a plant-based lunch menu in the China is a testament to the same. Now customers can enjoy pastas and lasagna made utilizing Beyond Meat's plant-based beef products. It will also include meatless pork alternative known as Omnipork and popular non-dairy milk called Oatley. The new menu is available at more than 3,300 Starbucks locations in China. Both the companies have already partnered to roll out a plant-based sandwich to Canadian locations.
In the past six months, shares of this Zacks Rank #3 (Hold) company have gained 21.8%, compared with the industry’s rally of 20.2%.
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