The vegetable meat substitute manufacturer Beyond Meat Inc. (BYND) has launched a new product for the Chinese market. This, especially in a favorable market environment, can be an important growth point for the company.
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It became clear this week that Beyond Meat would bring vegetable minced meat to China that imitates pork. The nation is the largest user of pork in the world as each resident consumes more than 30 kg of pork annually on average. Therefore Beyond Meat believes that its buyer will also find a vegetable replacement for pork in the region. Especially in the context of the current situation, where there have been disruptions in the supply of meat due to COVID-19 and African swine fever. Due to these factors, China’s pork prices are now twice as high as they were two years ago. This against the backdrop of more expensive pork should help make the Beyond Meat product more competitive in price.
BYND has been launching the new product gradually as initially, it will only be available in the dishes of a few restaurants in Shanghai. However, the overall opportunity in China is massive.
Today, Beyond Meat is one of the leaders in vegetable protein based meat production. The company sells many types of items, from minced meat to sausages. Beyond Meat sells ist products through Harris Teeter, Publix, Target, and Super Target as well as at retail giant Walmart stores. Moreover the company has launched a new online store in the United States that will allow customers to order home delivery of plant-based products. The range of online approach is wide and is targeted at various customer groups, including small businesses.
Beyond Meat Inc. (BYND) was up 0.62 percent on November 24 to close the trading at $141.83. Over the past 5 trading sessions, BYND was up 9.18% while the gain rises to 87.61% since start of the year.