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The news outlet penned a feature on how a slew of companies are aiming to ‘tap into’ the Chinese market – but warned it could be ‘challenging’ due to the cost of plant-based meat.
The article follows an announcement from Beyond Meat who says it has ‘pushed forward’ plans to set up production in China – whilst Impossible Foods says it’s awaiting regulatory approval to enter the Chinese market.
Recently, Swiss conglomerate Nestlé also announced plans to build a plant-based food facility in Tianjin as part of a $103.58 million investment.
Whilst China still consumes more meat than any other country, it has seen a spiked interest in plant-based alternatives triggered by the coronavirus pandemic.
This follows wet markets – where live animals are freshly slaughtered and kept in close proximity to humans and dead animals – being identified as a possible source of the virus spread.
Founder of Bits x Bites, China’s first food tech venture capital group, Matilda Ho told Fox Business: “Although people are now returning back to the normal routine after Covid-19, consumers are concerned about the potential link between meat products and the virus. Some are reducing their meat intake as a result.”
More plant-based meat
As China’s lockdown started to ease and restaurants began opening, more plant-based meat popped up on menus, the BBC reported.
Eateries offering vegan options are KFC, Starbucks, and Pizza Hut – all of which partnered with Beyond Meat to offer meat-free options.
You can read Fox Business’ full article here