CHICAGO, Nov 8, 2019, Reuters. Beyond Meat Inc aims to start production in Asia before the end of next year, as it gets closer to selling its popular plant-based meat products in China, executive chairman Seth Goldman told Reuters, The Business Times reported.
While Beyond Meat sells its products in Taiwan, Singapore and Hong Kong, the company and rival Impossible Foods are racing to expand sales to China, a major untapped market for products like the Beyond Sausage and Impossible Burger that have been hugely successful in the United States.
As consumers grow more concerned about health and the environmental impact of industrial animal farming, the global plant-based market is expected to explode to an estimated US$140 billion over the next decade, according to Barclays.
But to succeed in China’s vast potential market, the companies need to develop production systems, secure retail customers and create supply chains, for instance, a cold trucking system that is able to transport frozen products.
“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,” Mr Goldman said on Wednesday on the sidelines of a food conference in Chicago.