China is Impossible Foods’ Top Priority Meat Substitute Market
September 9, 2019 | Monday
China is the Impossible Foods number one priority when it comes to overseas markets, according to the company’s chief executive. Impossible Foods is a California-based producer of meat substitute made from plants and is actively working to speed up its entry into China.
The firm wants to boost its presence in the Chinese mainland, where meat production is harder as a result of chronic land and water shortages although it has already launched its products in Hong Kong and Macau and now ships 450 restaurants in Asia, O’Brown added.
He said they are hoping to find enterprises or local governments that would help bring their technology to China once the firm completes the required regulatory processes. Also, the company was in preliminary talks with potential partners.
O'Brown also said to Reuters that China is its highest priority for future expansion in full stop on the sidelines of the Fortune Sustainability Forum at Fuxian Lake in southwest China’s Yunnan province.
Moreover, the chief executive added that half of the growth in meat consumption globally for the past 10 years or more has been in China that is why it’s the biggest consumer of meat in the world. So, China is the most effective place where they can have the greatest impact on their mission.
O’Brown said he is confident that the firm will make it to China just as they have in the United States and other places and they’re taking it slow to get through it. And they will move as fast as they can as soon as they have gone through the process and are welcomed into China by the government and have their partners to work with.
China’s meat demand has been increasing although its per capita meat consumption is much lower than the United States. About 54 million tonnes of pork a year are produced, about half the world’s total.
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