Beyond Meat, meet China. China, meet Beyond Meat.
As you say that five times fast, know that this marks the meat-substitute company’s first expansion outside the United States. This morning, Beyond Meat announced the opening of its new manufacturing facility in the Jiaxing Economic and Technological Development Zone near Shanghai.
The facility will produce a range of plant-based protein products, including fax beef and poultry products, as well as Beyond Pork, a new food item created specifically for the Chinese market.
Pork is the most consumed animal protein in China, according to the U.S. Department of Agriculture.
Beyond Pork tastes like traditional minced pork but has roughly 50% less saturated and total fat, according to the company. It can be used in dishes, like dumplings, mapo tofu, zhajiang noodles, and lion’s head meatballs.
For many industries, especially the food space, China represents huge growth potential.
“The plant-based meat market in China continues to expand and Beyond Meat has been enthusiastically met by local consumers who are looking to live a healthy and sustainable lifestyle,” Candy Chan, general manager for Beyond Meat in China, says in a written statement. “The opening of the new Jiaxing plant is expected to enable us to quicken the pace of innovation and roll out our products at the speed and scale needed to remain highly competitive within the region.”
It’s not the company’s Chinese debut, though. Beyond Meat, which is headquartered in El Segundo, California, has been sold in China via Starbucks, KFC, Pizza Hut, Jindingxuan, GangLi Beijing, Slow Boat Brewery, Hema, and METRO food items.
Beyond Meat’s stock is $132.82, down $1.13 or 0.84%, per share in late-morning trading.