With the increased popularity of Beyond Meat, it is no surprise that the company seeks out a larger consumer base.
Beyond meat has pushed past its boundaries as a novelty item and is currently developing a presence around the globe. The potential for this popular meat alternative has many analysts excited. Many suggest that there is a fair chance it could generate more than $1 billion in revenue annually.
The Road to China
Beyond Meat is in the stages of ramping up production in China. This plant-based producer is looking to infiltrate global markets beyond China in the future, though they say it is a good start.
This popular alternative meat company said that they signed a deal this past Tuesday to open up a Shanghai-adjacent production facility for their product. This facility is set to manufacture a wide variety of plant-based “meat” products, including faux pork, faux beef, and faux chicken.
The company originated in Los Angeles and went public back in 2019. The current deal was signed with the Technological Development Zone and Jiaxing Economics to produce the new facility in the region of Shanghai.
As of right now, the company says that production will be in full force by early in 2021.
Metro China Grocer
It is worth noting that this isn’t Beyond Meat’s first entrance into the Chinese market. In fact, Beyond Meat launched its first products in a few Starbucks coffee shops this past April in mainland China. In June, the company made a deal with Yum China to launch some of its products in a number of fast-food restaurants, including Taco Bell, Pizza Hut, and KFC.
Bey July, Beyond Meat could be found in a number of Chinese grocery chains, including Metro China, which has next to one-hundred locations in over 60 cities in China. This deal follows a partnership with the Alibaba Group.
“China is a critical part of Beyond Meat’s long-term growth strategy, and we are committed to growing our presence in this vitally important country and market,” a Beyond Meat spokesperson said.
According to a Beyond Meat Spokesperson, “China is a critical part of Beyond Meat’s long-term growth strategy, and we are committed to growing our presence in this vitally important country and market.”
Competing With the Impossible Burger
All of this news comes in the wake of Impossible Foods’ move to Canada. The company, based out of Redwood City, is making its first expansion outside of the Asian region. Some of Canada’s most iconic restaurants are gearing up to serve the Impossible Burger, including Favorites Thai BBQ and Bymark, Mark McEwan’s full-service establishment.
More and more companies are looking to plant-based meat production these days, including Nestle, Tyson, and Kellogg’s. Each of these companies has already rolled out their own unique takes on plant-based meat with far lower price points.
In a conversation with analysts earlier this year, Beyond Meat wants to have at least one product competitively priced with a meat product by 2024.
Vegans and vegetarians will just have to cough up more dough until then.