Beyond Meat Inc 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 BABA in June.
Beyond Meat’s products are also available in China through Starbucks Corporation SBUX and Yum! Brands, Inc’s 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 UN UL, General Mills, Inc GIS, and Kellogg Company 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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