Beyond Meat (Nasdaq: BYND) has unveiled a factory in the Jiaxing Economic and Technological Development Zone near Shanghai, with plans to expand in channels such as e-commerce in the future.
The American maker of meat alternatives first announced plans to open production facilities in China in September 2020. Now, it's become the first non-Chinese plant protein producer to set up a large production facility in the nation.
According to the company, this factory is the biggest and most advanced plant-based meat factory in the world.
"China is one of the world's largest markets for animal-based meat products, and potentially for plant-based meat," said founder and chief executive officer of Beyond Meat, Ethan Brown, in a statement.
The meat alternatives market in China has surged recently, particularly in major metro areas like Shanghai. Beyond Meat already teamed up with KFC, Pizza Hut, microbrewery Slow Boat Brewery, online grocer Hema, and supermarket chain Metro China, as well as Starbucks, according to Yicai. Starbucks (Nasdaq: SBUX) said it plans to introduce its own plant-based food items in the country.
Beyond Meat is also planning to open its first self-owned manufacturing facility in Europe this year, it said in the same statement.
Shares of Beyond Meat closed up nearly 4% at $134.87 apiece.