In this file:
· China’s Beyond Meat and Impossible Foods rival seeks funding in major growth push
· Chinese Press Responds Angrily to Impossible Foods Quote
China’s Beyond Meat and Impossible Foods rival seeks funding in major growth push
o One of China’s plant-based meat substitute start-ups Zhenmeat is looking to raise around $2 million of funding this year.
o Zhenmeat founder Vince Lu told CNBC on Monday that the company is “talking aggressively” with investors from Europe, the U.S. and China.
o But Zhenmeat will have to fend off challenges from more established U.S. rivals, including Impossible Foods and Beyond Meat, who have expressed their intentions to jump into the Chinese market.
Arjun Kharpal, CNBC
Jan 13 2020
Chinese plant-based meat substitute start-up Zhenmeat is looking to raise around $2 million of funding this year as it expands across the world’s second-largest economy and fends off a potential challenge from U.S. rivals.
Zhenmeat founder Vince Lu told CNBC on Monday that the company is “talking aggressively” with investors from Europe, the U.S. and China about the funding round. The less than one-year old start-up has already raised around 5 million yuan ($723,181).
The company’s main product is plant-based mince meat made mainly from pea protein in both pork and beef flavors. But it also did a trial mooncake — a popular snack eaten during China’s Mid-Autumn Festival — last year.
China is a huge market opportunity for plant-based meat alternatives. The industry in China was worth about 6.1 billion yuan ($883.8 million) in 2018, reflecting 14.2% year-on-year growth, according to The Good Food Institute, a nonprofit that promotes plant-based alternatives to meat. The U.S. market stood at $684 million in 2018.
But Zhenmeat and other Chinese food tech start-ups will have to face challenges from larger, more established U.S. rivals, who have expressed their intentions to jump into the Chinese market.
Impossible Foods CEO Pat Brown told CNBC last year that China is a “huge opportunity” for the company. It recently launched...
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Chinese Press Responds Angrily to Impossible Foods Quote
January 13, 2020
China Daily, an official newspaper controlled by the Chinese Government, has responded with a backlash against a New York Times article stating that growing demand for pork and beef in China has fueled much of the recent environmental crisis, and including an inflammatory comment from Impossible Foods’ Pat Brown.
Plant meat companies wishing to gain entrance into China might be advised to be diplomatic with their words used in relation to the communist country. Impossible Foods has made it publicly clear in various publications that it has intentions to expand into China with its new Impossible Pork product, China being the world’s biggest consumers of pork.
Last Tuesday’s New York Times article, entitled “Impossible Dumplings and Beyond Buns: Will China Buy Fake Meat?” includes the following quote from Pat Brown – “Every time someone in China eats a piece of meat, a little puff of smoke goes up in the Amazon.”
The article discusses the potential entrance of plant meats into a “potentially even more profitable market with a major environmental footprint: China, the world’s largest consumer of meat. Meat production is a leading cause of climate change, experts say, and the growing demand for pork and beef in China has fueled much of that environmental damage, from water shortages and heat waves to deforestation in the Amazon rainforest.”
In this way, the article is effectively blaming China for a large part of the climate crisis, and in doing so has unsurprisingly upset the Chinese press and the public at large.
The China Daily response discusses the statistics of meat consumption between China and the US: “According to the National Bureau of Statistics, average meat consumption per person in China in 2017 is 26.7 kilograms. In the same year, the data provided by statistica.com for the US is 98.4 kg, 3.6 times that of China.”
The Chinese article, titled...
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