McDonald's has announced that it will be introducing a line of plant-based meat alternatives called "McPlant" in 2021.

Barclays Bank forecasts that the consumption of meat alternatives could be worth £106bn ($140bn) by 2029, and McDonald's are now set to make the move into the vegan food game by offering plant-based burgers, chicken substitutes and breakfast sandwiches from next year.

McDonald's has tested out the plant-based burger in Canada with Beyond Meat—a producer of plant-based meat—known as the 'P.L.T.', but it's currently not clear who will supply the meat alternative in the future. 

In a blog post, the company said: "Based on what we learned and an encouraging response, we're excited to give you a sneak preview of the McPlant—a delicious plant-based burger crafted for McDonald's, by McDonald's, and with the kind of craveable McDonald's flavor our customers love. There are other plant-based burgers out there, but the McPlant delivers our iconic taste in a sink-your-teeth-in (and wipe-your-mouth) kind of sandwich."

McDonald's is late to the game when releasing meat free options, with other fast-food outlets such as Burger King and Dunkin' Brands Group long introducing plant-based burgers.

The popular fast food chain relies on its flagship products, such as the Big Mac, McNuggets and French fries, which account for around 70% of its sales in its key markets. "We are excited about the opportunity because we believe we have a proven, delicious-tasting product," said Ian Borden, who heads McDonald's international operations.

Also Watch