Beyond Meat CEO: China is ‘vital’ market for plant-based meat growth
09 Sep 2020 --- Beyond Meat Food Co has secured an agreement to develop and manufacture plant-based meat products, including beef, pork and chicken, under the Beyond Meat brand in China.
Work is currently ongoing, and trial production is expected to commence within months with full-scale production in early 2021.
Beyond Meat, Inc. will be the first multinational company focused solely on plant-based meat production to bring its major production facility into China.
The country is one of the most important markets in the world for Beyond Meat as a production and R&D center, and as a significant market in the years to come, the company flags.
“China is a critical part of Beyond Meat’s long-term growth strategy and the company is committed to growing its presence in this vitally important country and market,” a company spokesperson tells FoodIngredientsFirst.
Since entering the market in April, Beyond Meat has announced partnerships with Starbucks, Yum China’s KFC, Pizza Hut and Taco Bell. The company has also entered retail at Alibaba’s Freshippo as well as METRO China and engaged Sinodis, a local distribution partner.
“Within plant-based foods, plant-based meat is the rising star,” the spokesperson details. “In 2019, plant-based meat made up 1 percent of the US$1.4 trillion global meat industry, with Barclays projecting that the category could grow to capture 10 percent of the market (US$140 billion) by 2029,” they explain.
China is a critical part of Beyond Meat’s long-term growth strategy. “As consumers become more aware of the health, climate, environmental and animal welfare concerns associated with traditional livestock production, we see an opportunity to offer Chinese consumers another choice with the availability of our nutritious and sustainable plant-based meat options.”
China’s great potential for plant-based meat
The arrangement with Jiaxing Economic & Technological Development Zone (JXEDZ), coined a “historic agreement,” will see a new production facility launched in a “strategic location” near Shanghai, which is pegged by the company as a commercially important development zone.
“China is one of the world’s largest markets for animal-based meat products and potentially for plant-based meat,” says Ethan Brown, CEO and Founder of Beyond Meat.
“Beyond Meat is building the perfect road to long-term success in China,” adds Micky Pant, senior advisor to Beyond Meat.
“It has the confidence to set up dedicated, cutting edge production capacity via a wholly-owned subsidiary, located on the mainland close to Shanghai. The JXEDZ is a visionary and proactive partner with an excellent record in supporting the food industry,” he explains.
“We are confident that after several months of productive and collaborative discussions, we will partner with the JXEDZ to develop two production facilities, including one of the world’s largest and technologically advanced plant-based meat factories,” Brown concludes.
By Elizabeth Green
