Image: Beyond Meat / Instagram
Beyond Meat has announced massive expansion plans as it prepares to debut in China by 2020.
After establishing its presence in several Asian countries such as Taiwan, Singapore and Hong Kong, Beyond Meat, a vegan startup, is aiming to tap into China’s mainstream market- the world’s largest hog producer and pork consumer.
Executive Chairman Seth Goldman revealed: “We know that to get to China and to do it the right way, it’s going to take scale, it’s going to take a manufacturing presence in that area,” in an interview with Reuters.
“We have committed to producing in Europe in the first quarter of next year…Asia’s not going to be that quick, but we do hope to have something up and running before the end of next year.”
Beyond admitted it needed production systems, retail viability and supply chains to establish itself in China’s thriving food market.
The company has already partnered with Zandbergen World’s Finest Meat to set up a manufacturing facility in the Netherlands that will produce Beyond Meat’s products for the local market.
Impossible Foods
Impossible Foods, another plant meat entrepreneur and Beyond’s rival is also looking to gain a foothold in China.
CEO Pat O. Brown said: “China is our highest priority for future expansion, full stop.
“Something like half the growth in meat consumption globally in the past 10 years or so has been in China. Effectively, the place where we can have the greatest impact on our mission is in China.”
“As soon as we have gone through the process and are welcomed into China by the government, and we have partners to work with, we’re going to move as fast as we possibly can,” he added.
Rising vegan preferences
According to Barclays estimation, the global plant-based market is expected to spike to a staggering $140 billion over the next decade.
And this is incentive enough for domestic companies to want a share of the pie.
Chinese food companies like Whole Perfect are working hard to compete with the U.S. vegan range and believe they can win over their American counterparts with lower prices and a better understanding of Chinese tastes.
Zhou Qiyu, marketing manager at Whole Perfect said: “Artificial meat is receiving unprecedented attention — people are curious to find out more and try it.
“Of course, you have to thank Beyond and Impossible for taking the first step.”
Will Beyond Meat and Impossible Foods gain a foothold in China’s mainstream market? Share your thoughts in the comments section below!