Beyond Meat Scales up; Plans to Open First Factory in Europe
If it is about plant-based meat, it has to do with Beyond Meat Inc. The California-based vegan meat-maker has played so well that in their first ever public offering, the value increased exponentially. In their latest scaling-up round, the company announced its plans to erect a manufacturing facility in Europe. Know more here.
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Beyond Meat Grows Further; Plans to Set up Manufacturing Facility in Europe
After the first public offering at NASDAQ, the company performed incredibly well, and the valuation increased more than ever. Now it comes out that the vegan company is making itself at home in Europe for the first time, in order to cater to the European business in a more holistic way. The new manufacturing facility is set to come up at Zoeterwoude, the Netherlands, the company says in a statement.
For their new venture, Beyond Meat is moving in partnership with the 93-year old company- Zandbergen World’s Finest Meat for setting up their new localized manufacturing facility in European soil. The facility is being planned to serve European clients more swiftly, as setting up a local facility will speed up the company’s product delivery by reducing transportation footprints, according to their statement. If things go as planned, the new factory will be up by quarter one of 2020. Zandbergen World’s Finest Meat is also the name behind Beyond Meat’s distribution across Europe, in retail and food service that started since last year.
Seth Goldman, Beyond Meat’s Executive Chairman, stated that they are looking forward to serving Europe with ‘locally produced product’ owing to the fact, the customer response of the nation has been ‘very positive.’ He added– “We are pleased to have strong strategic partners in Europe like Zandbergen to help us grow our global footprint.”
Vegan Meat Demand Skyrockets
It is not by any regular marketing expansion, that one of the most valuable US companies (in recent times) is setting up a manufacturing facility in another continent outside America. Beyond Meat’s new plan stands testimony to the spur in vegan meat demands. Their products are internationally available in markets like Australia, China, Thailand, and South America.
Speaking about the vegan company’s potential, analyst JP Morgan marked their growth potential as ‘extraordinary,’ Reuters reports. He even went on to state that in the next 15 years, the market for vegan meat will be worth $100 Billion and Beyond Meat might grab 5% of the same. Indeed a jaw-dropping prediction.
What do you think about Beyond Meat’s immense growth and potential? Which of their offerings is your favorite? Let me know your thoughts in the comments.