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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
