Beyond Meat Inc. (NASDAQ: BYND) has announced that it will further expand into China with the grand opening of its manufacturing facility in the Jiaxing Economic & Technological Development Zone near Shanghai. This facility is intended to pave the way for Beyond Meat to efficiently scale up to meet future needs and demand.
This move comes just one year after the company first entered mainland China through a nationwide partnership with Starbucks China. Within its first year in the market, Beyond Meat has expanded menu offerings at Starbucks China and has partnered with well-known foodservice and retail brands.
Note that this is Beyond Meat’s first end-to-end manufacturing facility outside the United States.
The facility will produce Beyond Meat’s plant-based pork, beef and poultry products, including Beyond Pork, the company’s first innovation created specifically for the Chinese market. By producing closer to the consumer and leveraging local supply chains, the company is investing in the growth of the plant-based meat category in China, and the facility underscores the company’s commitment to China as a region for long-term growth.
Apart from the scaled production that will support expanding retail and foodservice business within China, the facility will also feature research and development capabilities to create unique product offerings and support Beyond Meat’s local strategic partners.
This new Chinese plant is expected to significantly increase the speed and scale in which Beyond Meat can produce and distribute its products within the region while also improving the company’s cost structure and sustainability of operations.
Beyond Meat stock traded about 1% to $135.38 on Wednesday, in a 52-week range of $67.39 to $221.00. The consensus price target is $128.80.