Impossible Foods Is Creating Plant-Based Pork as It Eyes China
November 6, 2019
Impossible Foods Inc. is working to launch plant-based pork as it looks to enter China, the crown jewel of the $2.7 trillion global meat market.
“We already have very good prototypes of plant-based pork,” Chief Executive Officer Pat Brown said in a Bloomberg TV interview at the China International Import Expo in Shanghai on Wednesday. “It’s really just a matter of commercializing and scaling that.”
With China accounting for 28% of the world’s meat consumption, the Asian giant has “always been the most important country for our mission,” he said. His company is in discussions with potential local partners and Chinese government officials, he added.
A successful China entry would be a game-changer for the nascent imitation meat market, which currently accounts for less than 1% of the global meat consumption, but has the potential to reach 9% by 2040, according to Jefferies analyst Simon Powell. Impossible’s faux beef burgers are already served at Burger King and other restaurants in the U.S., while it’s also seeking to sell in Europe.
Over 60% of Chinese consumers’ daily meat intake is pork, but an epidemic of African swine fever has forced widespread hog culling. Pork prices spiked nearly 70% in September, hurting household budgets...