China's alternative meat market finds new suppliers
Source(s): Xinhua News Agency (China)
via - China Global Television Network (China) - 14-Sep-2020
Fungus-based meat may become a new choice for China's meat substitute lovers as more and more Chinese companies are tapping into the growing plant-based meat market amid rising consumer appetites for healthy and nutritious foods.
"Besides soy and pea proteins that have been widely used to produce meat alternatives in China, fungus protein is also a high-quality ingredient, which can improve food taste and nutrition," said Yang Yongping, chairman of Shanghai Xuerong Biotechnology Co., Ltd.
Xuerong, a leading edible fungus supplier in China with a history of over 20 years, has recently invested in the field of plant-based meat to produce fungus-based meat substitutes, making full use of its expertise in fungus production.
In July, Xuerong announced a capital increase of 14 million yuan (about 2.04 million U.S. dollars) in cash for Vesta Food Lab, a Beijing-based food technology company dedicated to producing plant-based meat.
Xuerong also announced it will found a joint venture with a Chinese snack company with a registered capital of 10 million yuan, which will focus on the research and development (R&D), production, and sales of plant-based protein snacks.
The company is not alone in biting into China's expanding protein-based meat market.
Compared with real meat, plant-based meat is high-protein and has low cholesterol and fat, and contributes to environmental protection and animal welfare, which has triggered a food trend that various food companies and capital markets worldwide have been following.
Since U.S. plant-based food manufacturer Beyond Meat went public last year, competition in the plant-based meat substitutes industry has been heating up worldwide.
In China, many start-ups are rolling out products such as mooncakes, glutinous rice dumplings, and noodles containing meat substitutes to lure consumers.
Ramen Talk, a Chinese noodle brand, has recently cooperated with a domestic meat manufacturer to launch a product featuring a plant-based meat sauce similar to Bolognese sauce in flavor.
The first batch of 20,000 packages sold out in just one minute when the product was released through livestreaming on China's e-commerce platform Tmall, according to company data...