Starbucks (NASDAQ:SBUX) is continuing to act on its commitment to sustainability with the launch of Impossible Foods products at stores in the U.S.
Protecting the planet's resources
Back in January, CEO Kevin Johnson laid out a multi-decade plan to make the company more environmentally friendly. One of the five strategies presented was a commitment to migrate toward more sustainable food products.
"Starbucks aspiration is to become resource positive," Chief Sustainability Officer Michael Kobori said in a company blog post on Tuesday. "This aspiration, coupled with the insight that our customers are looking for more plant-based choices, has inspired the development of exciting and delicious plant-based beverages and food."
Keeping up with customer tastes
Starbucks has featured non-dairy milk options for several years and has launched more new beverages for the summer menu that include almond milk and coconut milk. It's also introducing the Impossible Breakfast Sandwich made with plant-based meats, as well as vegan bagels and oatmeal.
Impossible foods are available for purchase at supermarkets and online, and the company already has a partnership with Restaurant Brands International's (NYSE:QSR) Burger King where it sells plant-based Whoppers.
Bringing it home
Starbucks already serves Beyond Meat (NASDAQ:BYND) products at its restaurants in Canada, and it added the alternative meat company's products to Chinese menus in April.
Starbucks said that according to the Good Food Institute, plant-based foods is a $5 billion industry that has grown 29% over the past two years, driven by a 40% increase in plant-based milks and a 38% increase in plant-based meats. Starbucks is seizing the opportunity to benefit from those trends as well as execute on its plans for sustainability.