September 16, 2020
More companies in China introducing plant-based meat alternatives
Analysts and industry insiders said plant-based meat alternatives are becoming a growing trend in China following the COVID-19 pandemic and African swine fever, though it remains a niche industry compared to the country's major meat supply chain, Reuters reported.
Zhenmeat from Beijing is one of several small Chinese firms that have introduced plant-based meats to the Chinese market.
Zhenmeat sells plant-based meatballs, beef patty, steak, pork loin, crayfish and dumplings, and its plant-based meatballs are being sold at Chinese hot-pot chain Hope Tree's Beijing outlet on a trial basis.
Vince Lu, Zhenmeat founder and CEO said company sales were on the rise since June, adding that consumers have been more concerned about their health since COVID-19 and restaurants have jumped on board with the health trend.
Lu said while there is plenty of competition in the plant-based meat market such as Beyond Meat or Impossible Foods, the real competitor is the meat industry and the entire livestock sector.
Major US plant-based meat producer Beyond Meat announced its new production facility to be built near Shanghai, after launching a partnership to sell its products at Starbucks China outlets earlier this year.
Ben Cavender, China Market Research Group director said plant-based meat's market future will be decided on its taste.