Beyond Meat raises sales forecast despite competition

FILE - In this June 27, 2019, file photo a meatless burger patty called Beyond Burger made by Beyond Meat is displayed at a grocery store in Richmond, Va. (AP Photo/Steve Helber, File)

NEW YORK (AP) - Beyond Meat is facing a growing field of competitors but on Monday it raised its sales forecast for the year citing its leading role a new wave of vegetarian products intended to more closely mimic meat.

The El Segundo, California, company noted the multiple fast-food chains offering its patties made with pea protein and other ingredients, including Dunkin' Donuts and Carl's Jr. It said McDonald's also recently announced a test of a Beyond Meat burger in Canada.

"I have every expectation that this test will result in more work with McDonald's," CEO Ethan Brown said during a call with financial analysts Monday.

The upbeat sales forecast comes as Beyond Meat and rival Impossible Foods are facing more competition, including from food industry giants like Nestle and Tyson that are also looking to tap into the demand for plant-based options.