Andy Puzder, the former CEO of CKE Restaurants, the parent company of the chains Carl's Jr. and Hardee's, says that restaurants — if they're prudent — should cater to demand for plant-based meat.
"You really have to meet the needs of this millennial generation," he told Cheddar. "I'm not saying they're killing meat, but you are seeing the demand from that segment."
"If you're in business, you want to appeal to young consumers," he added.
Market research firm Mintel reports that eight-of-10 millennials eat meat alternatives and that one-third of millennials are trying to eat a more plant-based diet. Meanwhile, the Good Food Institute, a non-profit that promotes plant-based products, has estimated that more than $17 billion has been invested in the U.S.-based plant-based meat and dairy sector in total.
"Restaurants aren't the food police. We don't determine what consumers buy. We try to find out what they want to buy, and sell it to them," said Puzder.
"Ten, 15 years ago, if you introduced a plant-based product, it was because people wanted it for health reasons," he said. "This new product that tastes a lot like meat, it's really not healthier, it's got a ton of salt."
"They're buying it for more social policy reasons. I think people want fewer cows so there's less methane. It's sort of a global warming thing," Puzder added. "As long as people want this product, restaurants will sell it."
Puzder told Cheddar he resigned from CKE's CEO position, in part, because he didn't have an "intuitive sense" of changing millennial dining tastes. He left the post in March of 2017, just one month after withdrawing as President Trump's labor secretary nominee after Republican Senators raised concerns over his past.
Beyond Meat ($BYND) and Impossible Foods have seen an explosion in restaurant deals. Beyond Meat, which initially debuted in supermarket aisles, has struck up partnerships with chains including Dunkin', KFC, Subway, and Tim Hortons. Impossible Foods, which won FDA clearance this summer to sell in supermarkets, is now in thousands of Burger Kings, and also sells its plant-based meat in Red Robin, White Castle, and the Cheesecake Factory.
Earlier this year, Carl's Jr. began offering Beyond Meat products.
But some chains are hesitant — or outright hostile — to the trend. For instance, Shake Shack CEO Randy Garutti told Cheddar earlier this year that his company plans won't be diving in plant-based meat just yet. And the leadership at Arby's has been adamant that plant-based meat won't ever be served at the brand's restaurants, and even released its own "marrot," a satirical meat-based carrot product.
Still, Beyond Meat saw one of the most successful public offerings of 2019, with shares that soared for months following the company's debut in the public markets. Impossible Burger remains Beyond Meat's largest competitor, but its executives have been insistent that the company will remain private for now.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
