The world’s largest burger chain is betting on chicken to drag it out of a slump. Mc Donald’s on Wednesday set out a goal of gaining 1.5 percentage points of market share in chicken globally by 2030. The fast-food chain previously estimated its share of the chicken fast-food market in the high teens, compared with a share of about 45 per cent in beef hamburgers. Global chicken demand has outstripped beef in recent years, with the price of beef in the US rising by more than half since 2021. Chicken’s versatility and its status as a lean protein have made it the go-to option for many increasingly health-oriented consumers around the world.

Mc Donald’s is focusing on white meat amid a slide in its shares, down almost a fifth this year, driven by sluggish sales growth and declining footfall in the US, its largest market. Like-for-like sales in the US were up 0.8 per cent in the second quarter, compared with rises of at least 1.5 per cent in its international divisions. The company is battling against subdued spending by the low-income consumers it depends on and fierce competition. Mc Donald’s push into selling more chicken sandwiches and wraps will put it into closer competition with chains such as Chick-fil-A and Raising Cane’s.

The targets were announced as Mc Donald’s hosted shareholders and analysts in Chicago at its first investor day in almost three years. Shares rose 0.5 per cent in pre-market trading. The investor day presentation adds details to a new strategy presented to franchisees in June to improve menus, revamp stores, integrate marketing with social media creators and improve service at a time when many customers are ordering via digital screens in-store. Beyond store renovations they fund themselves, franchisees will receive about $8.5bn in support from Mc Donald’s over the next decade to help implement the strategy.