Restaurant Brands International Inc. (0R6.F)

Why Impossible Foods CEO backs hot dog-eating legend Joey Chestnut

The plant-based food industry burst onto the scene more than a decade ago as a battle emerged between then-new upstarts Beyond Meat (BYND) and Impossible Foods. Each company raced to secure deals with fast food giants such as McDonald’s (MCD) and Burger King. Beyond Meat had a glitzy IPO, while Impossible Foods continued to raise large sums of money at impressive valuations. Then, the COVID-19 pandemic hit and consumers began to rethink their commitment to meat alternatives as prices rose compared to traditional forms of meat. Since then, Beyond Meat’s stock has crashed and the privately held Impossible Foods hasn’t ruled out a sale to a larger food company. So, where does the future of the industry lie? In this episode of Opening Bid, Yahoo Finance Executive Editor Brian Sozzi goes inside the future of the plant-based food industry with Impossible Foods CEO Peter McGuinness. McGuinness shares potential outcomes for his business and why he is backing hot dog-eating legend Joey Chestnut, who was banned from this year's Nathan's Hot Dog Eating Contest over his competing sponsorship with Impossible Foods.