20:28
+19 C°
Traffic jam:   4
$
74.1373
89.5060

Beyond Meat opens factory in China

9 April 2021
3158
2 min.
5
Beyond Meat opens factory in China

Beyond Meat in China

Shares in Beyond Meat rose 3.5% on Thursday as the company announced it was expanding its retail sales of new products at major US chains Kroger, Target and Giant Foods. Beyond Meat also announced the opening of its first production facility outside the US, targeting the large and affluent Chinese market.

Beyond Meat (BYND) this week announced two pieces of good news for its investors and fans of plant-based protein products at once.

According to a Beyond Meat press release on Thursday, its new meatballs and sausages will now be available in 1,500 Kroger shops, the new products will also start being sold in 750 Target shops and 163 Giant Food shops. The vegetarian, plant-based Beyond Sausage will begin selling in more than 200 Super Target shops in May.

Sales of Cookout Classic burger patties will expand to more than 3,000 existing Beyond Meat retail partners nationwide during April and May.

Beyond Meat's revenues have fallen over the past two quarters and losses have increased. The company has had to spend more on packaging and reduce the prices of its in-store products as they are priced higher than real meat alternatives.

Beyond Meat emphasises that its products are more 'sustainable' and have no harmful ingredients such as GMOs, and cites research from Stanford University and the University of Michigan that speaks to the health benefits of switching from meat to Beyond Meat products.

This week Beyond Meat also announced the grand opening of its first plant outside the US in the Jiaxing Economic and Technological Development Zone (JXEDZ) near Shanghai.

The arrival of Beyond Meat's new state-of-the-art plant in China creates a major new source of revenue for the company, given its rich market of 1.4 billion people, and also reduces costs.

In its 7 April press release, Beyond Meat also announced that it would open its first own production facility in Europe this year, but did not disclose details.

Including Thursday's increase, Beyond Meat shares are up 7.9% since the start of 2021.

Companies5 in the news

Giant Food
1 place
Beyond Meat
2 place
Target
4 place
Kroger Co.
5 place
Section:

Discussion

Rating companies
Tesla
56 Mention
Apple
55 Mention
Amazon
52 Mention
Nasdaq
51 Mention
Dow Jones
43 Mention
Facebook
43 Mention
Microsoft
31 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director