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    Chinese firms bet on plant-based meat as COVID-19 fuels healthy eating trend

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    Monday, September 21, 2020
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    Chinese firms bet on plant-based meat as COVID-19 fuels healthy eating trend

    Vegetarian alternatives to meat are gaining ground following health scares like COVID-19

    Published:  September 15, 2020 16:19 Reuters  and  Compiled by Nathaniel Lacsina, Senior Web Editor
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    Plant-based meat gallery
    Beijing: A small but growing coterie of Chinese companies are betting on a bright future for plant-based meat products as consumers take their health more seriously in the wake of the COVID-19 pandemic. Image Credit: Reuters
    2 of 12
    Plant-based meat gallery
    Though still a niche business compared to China's giant meat supply chain, vegetarian alternatives to meat are gaining ground following health scares like the novel coronavirius and African swine fever, analysts and industry insiders said. Image Credit: Reuters
    3 of 12
    Plant-based meat gallery
    US-based Beyond Meat Inc said last week it had signed a deal to open a production facility near Shanghai and earlier this year launched a partnership with Starbucks Corp for its plant-based meat products to be sold by the cafe giant in China. Image Credit: Reuters
    4 of 12
    Plant-based meat gallery
    Beijing-based startup Zhenmeat, whose products include plant-based meatballs, beef patty, steak, pork loin, crayfish and dumplings, is one of many small Chinese companies entering the market. Image Credit: Reuters
    5 of 12
    Plant-based meat gallery
    Its "meatballs" are now available on a trial basis at a Beijing store of Chinese hot-pot chain Hope Tree. Image Credit: Reuters
    6 of 12
    Plant-based meat gallery
    "Now after COVID-19 consumers are more concerned about health and restaurant brands are responding to this" Zhenmeat founder and CEO Vince Lu told Reuters in an interview, adding that sales were "up considerably" since June. Image Credit: Reuters
    7 of 12
    Plant-based meat gallery
    Many curious customers at the Beijing Hope Tree restaurant said the meatballs - made from a base of pea and soy protein - tasted like tofu. Image Credit: Reuters
    8 of 12
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    Actually you can tell that it isn't meat but the feel of it in your mouth is very similar to beef. And I guess that plant-based meat is a little healthier than beef" said Audrey Jiang, 30. Image Credit: Reuters
    9 of 12
    Plant-based meat gallery
    China Market Research Group Director Ben Cavender said the key to the future of the plant-based meat market was the taste. "When we interview consumers the vast majority say they're open to trying these products once," he said. Image Credit: Reuters
    10 of 12
    Plant-based meat gallery
    "But the big question is how do they like it? Do they see how they can fit it into their diet on daily basis, whether that's cooking at home or at restaurants? But if they do like it they'll keep buying." Zhenmeat's Lu said there was a lot of competition in the market but the real competitor was the meat industry itself. Image Credit: Reuters
    11 of 12
    Plant-based meat gallery
    The most important thing is that our true competitors are not those global giants who have already achieved great success such as Beyond Meat or Impossible Foods" he said. Image Credit: Reuters
    12 of 12
    Plant-based meat gallery
    "Our true competitor is the whole livestock sector. It's the animal protein industry." Image Credit: Reuters

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