Beyond Meat Partners With Brazil Grocery Chain

Beyond Meat unveiled a partnership to sell its plant-based meat in São Paulo, Brazil, at 19 St. Marche grocery stores.
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Beyond Meat unveiled a partnership in which the plant-based-meat pioneer's  products will be sold in Sao Paulo, Brazil, at 19 St. Marche grocery stores.

"As the third largest market in the world in terms of animal-meat consumption, Brazil offers significant opportunity for plant-based-meat adoption," the El Segundo, Calif., company said in a statement. 

“Our Brazil market entry marks an important step in furthering our mission of increasing accessibility to plant-based meat globally,” Chief Executive Ethan Brown said. 

St. Marche is a portfolio company of the Greenwich, Conn., private equity firm L Catterton.

On Tuesday, Beyond Meat said it was expanding in China through a partnership with grocer Metro China, which has 100 locations in 60 cities there. 

Earlier this month, Beyond Meat products debuted at Alibaba's  (BABA) - Get Report Hema supermarket chain in Shanghai. Beyond's products are also available on Alibaba's mobile supermarket brand app, Freshippo. 

The plant-based meat can be rolled to make dumpling stuffing, a traditional Chinese food. 

"We know that retail will be a critical part of our success in China, and we're pleased to mark this early milestone within a few months of our market entry," Brown said at the time, according to the South China Morning Post. "Expanding into retail is the natural next step in building our market presence."

Beyond Meat shares at last check jumped 5% to $134.40. 

Several days ago analysts at Citi initiated coverage of Beyond Meat with a sell rating and a $123 price target due to concern about increased competition. 

Beyond Meat shares have nearly tripled since they touched a 52-week low above $48 in mid-March. They're also trading at a bit more than half their 52-week high near $240, set last July.