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Beyond Meat Tries To Do The Impossible: Get China To Embrace Faux Pork

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Beyond Meat Tries To Do The Impossible: Get China To Embrace Faux Pork

Beyond Meat Inc (NASDAQ: BYND) has started to sell its plant-based minced pork in China as it marks an expansion into Asia amid growing demand for its faux meat products, Reuters reported Tuesday.

What Happened: The minced pork named — Beyond Pork — will be sold in five popular restaurants in Shanghai initially, according to Reuters.

China is reportedly increasing focus on food security amid the COVID-19 pandemic that has impacted meat supply from international sources.

The Los Angeles, California-based alternative-meat company made its retail debut in China in partnership with Jack Ma's Alibaba Group Holding Ltd (NYSE: BABA) in June.

Beyond Meat’s products are also available in China through Starbucks Corporation (NASDAQ: SBUX) and Yum! Brands, Inc’s (NYSE: YUM) restaurants.

Why It Matters: The Asian country is the largest consumer of pork in the world, according to Reuters.

China went through a crisis this year when pork prices spiraled. In September alone, prices of the meat variety rose 25.5%, the South China Morning Post reported.

Impossible Foods, a rival to Beyond Meat, is said to be awaiting approval for its products from Chinese regulators.

Meanwhile, the plant-based meat marketplace is heating up with the entry of multinational companies like Unilever Inc (NYSE: UN) (NYSE: UL), General Mills, Inc (NYSE: GIS), and Kellogg Company (NYSE: K). 

Price Action: Beyond Meat shares closed 2.16% higher at $129.90 on Tuesday.

Photo courtesy: Marcho Verch via Flickr

 

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