Most U.S. companies are able to peddle their wares to other markets and cultures, but do home-grown companies have an advantage? Beyond Meat (NASDAQ:BYND) is facing some competition from Chinese meat-alternative producer Zhenmeat, which is launching products that are geared to Chinese tastes.
Does Beyond Meat have a chance?
Beyond Meat released its first products in China this past April in collaboration with Starbucks. The company's product line features various takes on ground meat, such as burgers and meatballs, as well as sausages, and these are on the menu at the pilot Starbucks China locations.
Zhenmeat, however, is playing up to the traditional Chinese palate, with a plant-based pork tenderloin and plant-based crayfish. Pork and crayfish are both extremely popular in China, which boasts the highest rate of pork consumption in the world and one of the highest of crayfish.
In the U.S., Beyond Meat's biggest competitor is Impossible Foods, which sells its products directly to consumers as well as in restaurant chains.
Making headway everywhere else
This month, Beyond Meat opened two new production facilities in Europe, with which it intends to increase its development of the European market. It also rolled out a new multi-burger package available in Walmart and Target to increase affordability and accessibility.
In the company's first quarter, which ended March 28, sales increased 141% year over year to $97.1 million. The share price has climbed accordingly and is up over 100% year to date despite COVID-19.