Icahn Enterprises Activist Presentation Deck
THE BOARD HAS AN OPPORTUNITY TO HELP MCDONALD'S PIVOT
AWAY FROM ITS BEEF-CENTRIC MENU
Under the incumbent Board, McDonald's remains wed to its meat-based strategy despite a growing plant-based
foods market, which is now over $40 billion worldwide
"Diversifying product portfolios to include both animal and alternative protein
sources presents the biggest opportunity to mitigate operational risks while
building agility to respond to market and technological disruptions" - FAIRR
$280,400
$ PER KG
2013 2014
CAWS
Production cost reduction of
cultivated meat and seafood
2015
2016
2017
2018
Cultivated seafood
Cultivated meat
$5.000
$112
2019
$68
2020
$50
$36
$18
2021 2022
9
The plant-based food
market experienced a
percent growth
between 2019 and
2020.
(Source:
Euromonitor
International: Health
and Nutrition Survey
2021)
Bloomberg
Intelligence report
predicts the global-
market for plant-based
protein sources may
increase five-fold by
2030. (Source)
A
More than half of all Americans (55%) say they are willing to eat more plant-based
meat alternatives and roughly one in four Americans (27%) say they have rewarded
food companies that are taking steps to reduce their impact on the environment by
buying their products at least once in the last 12 months (Yale Program on Climate
Communication)
Demographic Group
Male
Female
20-34
35-49
50+
Mexican American
Other Hispanic
Non-Hispanic White
Non-Hispanic Black
Other Race &
Multi-Racial
Gender
Age
Beef Consumption in the
U.S. Diet (2003-2018)
Race
%
Change
-44.2
-44.2
-50.1
-43.1
-38.4
-43.4
-29.7
-43.8
-53.1
-40.8
Source: Bassi et al
The U.S is the No. 1 global consumer
of beef, but Americans are now
drastically cutting beef out of their
diets across all genders, ages, income
groups and races/ethnicities
U.S. beef consumption has fallen by
40% in just 15 years
■ Further reduction is still needed: beef
consumption in the U.S. must fall by
an additional 66% to align with the
Paris Climate agreement and stay
within global limits set by the UN EAT-
Lancet Commission
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