Beyond Meat (BYND) has opened its first plant in China, the company said in a press release. This is the first venture of a plant protein meat manufacturer outside of the U.S. Taking over the new plant will enhance the Beyond Meat’s capability to supply products to the region significantly, the Beyond Meat said.
Beyond Meat’s shares increased 5.04% on the NASDAQ as of the opening of trading, to $ 140.7 a share. After some time, the growth was replaced by a fall. The BYND price fell to $130.29, 2.73% below the closing price for trading on April 6.
Plant-based food company opened its factory just one year after partnering with Starbucks China to enter the Chinese market. While the Beyond Meat was still developing, it partnered with large local venues, including KFC, Pizza Hut, Jindingxuan, GangLi Beijing, Slow Boat Brewery, METRO China Jindingxuan. Because Pork is the most popular Meat in China, Beyond Meat has developed a new product specifically for the Chinese market – plant-based pork called Beyond Pork.
The factory in China is the first outside the U.S. manufacturing facility. Furthermore, Beyond Meat plans to open a manufacturing facility in Europe later this year. Company officials expect that the Netherlands plant will go into operation by the end of this year.
A major manufacturer of plant-based artificial Meat, Beyond Meat is among the top in the industry. Beyond Meat, products are currently available in more than 122,000 retail and food service outlets in more than 80 countries worldwide.
The Beyond Meat had sales of 101.9 million dollars in the fourth quarter of 2020, a sales increase of 3.5%, but a loss of $25.1 million from Beyond Meat for the same time period. Net revenue for 2020 was $400 million, up 36% from last year. Losses for the past year totalled $ 52.8 million, or $0.85 per share.