MamaMancini's Holdings Inc (OTCMKTS:MMMB) saw its value jump by nearly a third on Friday as the company became the latest firm to jump on the plant-based meat craze, announcing a new tie-up with Beyond Meat Inc (NASDAQ:BYND).
The natural food product group's shares shot up 31% to US$0.77 in early trade on the OTC Market, before easing back to US$0.72 by mid-afternoon
In a statement, the company said it is introducing a new line of fully cooked authentic Italian foods using Beyond Meat’s plant-based Beyond Beef product.
The new range will include 'Beyond Beef Meatballs & Sauce', as well as vegan and gluten-free based 'Spaghetti and Beyond Beef Meatball Pasta Bowls', it revealed.
WATCH: Full interview: MamaMancini’s looking at entering plant-based meat substitute market 'very soon'
"Plant-based meat is one of the fastest-growing trends in the food industry, and Beyond Meat is leading the revolution,” Carl Wolf, the chairman and CEO of MamaMancini's told investors.
"Beyond Beef was the perfect choice for our new bowls as it offers the same juicy, meaty texture as beef, with the benefits of plant-based proteins. Our partnership will expand our current line of healthy products and enable us to penetrate new markets with customers looking to expand their protein options," he added.
MamaMancini’s said it expects to begin introducing the new line throughout the US beginning immediately.
Currently, MamaMancini’s products are sold at 45,000 locations in food retailers across the US, including at big names like Walmart, Kroger and Costco, and in the fiscal second quarter of 2020 ending July 31, this year MamaMancini grew its sales by 44% to $8.1 million.
The news comes after Beyond Meat's stock surged Thursday on news fast-food titan McDonald’s Corporation (NYSE:MCD) plans to test a plant-based burger using its products in Canada.
McDonald's said the 12-week test will start on September 30 at 28 restaurants in Southwestern Ontario.
Notably, that announcement also coincided with the news on the same day of the launch by food giant Nestle SA of its 'Awesome' vegan burgers in the US on Thursday, as the Swiss firm also seeks to tap into the country’s growing interest in plant-based meat.
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