Beyond Meat Taps Social Media, Local Distribution to Build on China Entry
What’s new: Following its landmark tie-up with Starbucks in China last month, imitation-meat maker Beyond Meat disclosed its broader approach to the market in its latest quarterly results.
Founder and CEO Ethan Brown said on an investor call that in addition to the Starbucks tie-up, the company has finalized an agreement with local distributor Sinodis to sell its products in other stores and restaurants.
He added that the company has set up a Chinese-language website, as well as official accounts on Weibo and WeChat, two of China’s most popular social networking services.
Background: Beyond Meat marked a major milestone when it began selling some of its products at Starbucks stores in China on April 22.
The market has huge potential for the company, as well as rivals like Impossible Foods from the U.S. and Hong Kong’s Right Treat.
That potential has grown bigger recently, as prices for pork have skyrocketed due to decimation of the country’s herds by an African swine fever epidemic lasting more than a year.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full transcript of Brown’s remarks, click here.
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