Beyond Meat the scrappy start up that launched their IPO into the stratosphere earlier this year have their eyes on China. They are racing against rivals including Impossible Foods whose own burgers have set records since being debuted to great success at Burger King this past summer becoming a permanent fixture on the Burger King menu.
Beyond meat is currently selling products in Singapore, Hong Kong, and Taiwan but are eager to expand nationally in China to reach the billions of consumers in a yet untapped plant based market.
According to a Barclay’s report the alternative vegan plant based meat market is expected to hit $140 Billion dollars in revenue within the next decade or so.
To achieve the goals and success that they or even their competitors want in China will require essentially starting from scratch all over again. They will need to overcome not only a nation that’s become the largest pork consumer in the world but will need to build an entirely new supply chain including retailers and product transport in a very large country.
“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, 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 Meat Executive Chairman Seth Goldman said on Wednesday on the sidelines of a food conference in Chicago.
Goldman said that at the start products in China would need to be higher than the traditional flesh versions but that price would come down as they are able to scale production just like has been occurring here in the United States.
Meanwhile Beyond meat announced back in may of this year that they would open a manufacturing facility in the Netherlands in 2020 to meet the high demand in Europe for plant based alternatives and avoid the extra cost from transporting it over to there from the U.S.