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.
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 $140 billion over the next decade, according to Barclays.
Rival Impossible Foods told Reuters in September it was actively working to speed up entry into China, its top priority in terms of overseas markets. The company said it was in preliminary talks with potential partners, and was hoping to find enterprises or local governments that would help bring its technology to China.
Read full, original article: Exclusive: Beyond Meat eyes production in Asia before the end of 2020