Is Beyond Meat Eyeing The Asian Vegan-Meat Market Next?
Beyond Meat has certainly shattered expectations since its debut. Now the company has highlighted potential market growth in Asia.
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Beyond Meat Highlights Asia As One Of the Most Potential Markets Internationally
On a conference call regarding quarterly earning and market opportunity internationally, the vegan meat brand revealed interesting details about the plant-based trend prevailing in the world, CNBC reports. Speaking to an analyst, CFO Mark Nelson remarked on the importance of the international market; however, it is “still [a] pretty small percentage” of their revenue. Mark went on to mention how both Europe and Asia are promising for them, with Europe already being a “very well-developed” market for vegan proteins.
The CFO went on to highlight- “Asia has a desperate need” for plant-based protein, and he and team will be “aggressive in going into those markets,” reports CNBC. He emphasized, “Asia is absolutely a strong part” of their strategy. According to research cited by the brand, the Asia-Pacific region is reportedly the fastest evolving market for vegan demand and is set to grow even more in the upcoming years. Europe and North America remain the biggest markets to date.
Beyond Meat and the Rest of the World
The plant-based meat maker’s international presence is already strong with its products reportedly available in 40 countries worldwide. The international expansion plan was in place before the brand filed its initial public offering (IPO). Markets like the UK, EU, Australia, Chile, Israel, Ireland, Hong Kong, New Zealand, the Middle East, Taiwan, and South Korea are part of their international markets, and where the company reportedly received ‘strong inbound interest’ for a meat substitute.
Beyond Meat reportedly is eyeing the global opportunity for plant-based meat, valued at $1.4 trillion. Asia being the focus of their expansion. What do you think about Asia’s growing plant-based meat demand? Let me know in comments.