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Starbucks Corporation (NASDAQ: SBUX) said Wednesday that it would launch a shaken iced espresso and oatmilk this spring in its stores in the United States.
What Happened: The Seattle-based coffee chain said on its investor day that its cold beverage platform has grown by almost 45% over the last four years and it will continue to “innovate” with non-dairy options.
Starbucks rolled out soymilk to its menus in 1997, coconut milk in 2015, and almond milk in 2016 and it will launch oat milk in all stores in the United States in Spring 2021.
Why It Matters: Cold drinks have fueled sales of more than $1 billion in the last three years as millennials and Gen Z consumers favor cold beverages, reported CNBC.
Starbucks Chief Sustainability Officer Michael Kobori said the company’s aspiration is to “become resource positive.”
The coffee giant has launched plant-based foods in multiple geographies to that end. In September, the company introduced Beyond Meat Inc’s (NASDAQ: BYND) products in seven markets including New Zealand, Thailand, Taiwan, Singapore, and Hong Kong.
In the summer, Starbucks had added a breakfast sandwich from Impossible Foods at 15,000 of its stores in the United States and also introduced Beyond Meat products in China and Canada.
Price Action: Starbucks shares traded 3.54% to $103.95 in the after-hours session on Wednesday after closing 0.8% lower at $100.40.
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