Famous Dave’s jumps 10% after announcing a partnership with Beyond Meat to test plant-based protein options (DAVE, BYND)

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Famous Dave’s announced Friday that it was partnering with Beyond Meat, the plant-based meat alternatives company.
The barbecue restaurant chain will work with Beyond to create and test plant-based proteins for its menu.
Shares of Famous Dave’s traded up as much as 10% on the news.
Watch Famous Dave’s trade live.

Even barbecue is getting in on the fake-meat craze.

Shares of Famous Dave’s traded up as much as 10% Friday after the franchise announced a partnership with Beyond Meat, the plant-based meat alternative company. Famous Dave’s has been working with Beyond on a range of plant-based protein menu items which it will begin to test in restaurants mid-August, a company statement said.

"For 25 years, our menu has included meat alternative options," said Jeff Crivello, the CEO of Famous Dave’s. "In listening to our fans, we see tremendous opportunity to cater to their evolving palates and look forward to expanding the menu even further."

The new plant-based items will be tested in five restaurants at first: four in Colorado and one in Minneapolis, Minnesota. This is the first time that the restaurant, a household name for its barbecue, will offer plant-based protein options to guests. After the test, Famous Dave’s plans to offer the plant-based menu items across restaurants and stores in the fall.

Famous Dave’s is the latest restaurant to announce that it will add plant-based meat alternatives to its menu. The industry for fake meat is currently $14 billion and could balloon to $140 billion in the next decade, analysts say. Beyond Meat, the first company focused on plan-based meat alternatives to go public, has watched its shares soar as much as 550% since its IPO.

Beyond Meat has partnered with other restaurants as well. It’s Beyond breakfast sandwiches are available in Tim Hortons across Canada, and it’s available on menus at Del Taco.

Shares of Famous Dave’s are flat year to date.

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