Plant-based meat manufacturers have had relative success in the United States, with a number of fast-food chains and restaurants now sporting their products. Now, companies such as Impossible Foods and Beyond Meat are eyeing further expansion overseas, with a particular focus on China, the second-largest economy in the world with over 1.3 billion potential customers.
Beyond Meat and Impossible Foods, two of the largest companies at the forefront of the technology, have expressed interest in doing business in China. The plan to penetrate the highly lucrative market comes as China has accelerated its efforts to encourage more people to eat healthier.
Beyond Meat's executive chairman, Seth Goldman, stated at the annual expo of the US National Retail Federation that his company is fully intent on expanding overseas. Goldman explained that their goal would be to produce and grow crops in every continent, while also producing its products in those regions.
While the products from both companies have been successful in western countries such as Europe and North America, its fate in China is still mostly uncertain. For one, culinary traditions in China are extremely different from the United States. This could, however, work to the companies' advantage if they are able to employ the right strategy.
One of the main reasons the companies, and others like them, are considering an expansion into China is due to the recent spread of African swine fever. The disease has managed to decimate the country's pork supply, meat that is a staple in most Chinese dishes. The disease, which is deadly to pigs but harmless to humans, had initially spread throughout the country in 2018. Since then, millions of pigs had to be culled, creating a massive shortage and a surge in pork prices.
Companies such as Beyond Meat and Impossible Foods could potentially capitalize on the situation by providing Chinese consumers with a win-win solution. The companies' artificial plant-based meat could become great alternatives to pork; while at the same time provide Chinese consumers with a healthier meat source.
However, the foreign companies would still be facing stiff competition from local players, who are now starting to develop their own artificial meats. A Beijing-based Chinese firm called Zhenmeat is reportedly working on 3D printing artificial bones for their meat alternatives. The company has managed to raise more than $2 million through a funding round this year.
Another Chinese firm that is making waves in the space is Shenzhen-based firm Whole Perfect Food. The startup is working on a completely different type of food technology that goes beyond simply imitating pork and beef. Some of the companies' more innovative plant-based products include artificial oyster sauce, plant-based abalone, and faux shellfish.
