Beyond Meat (BYND) - Get Report plans to make inroads in China this year as part of its global expansion plans, Executive Chairman Seth Goldman said at the U.S. National Retail Federation Retail’s Big Show.
"We haven't announced anything, but we are expected to do something this year," Goldman said, according to the China News Service.
"The real goal would be to take a crop from every continent where we produce and grow the crops and produce the product in that continent.”
Goldman said the El Segundo, Calif., company will continue to invest in its Missouri facility but will also “have to set up production on other continents and in other parts of the country.”
Goldman went on to estimate that sales of plant-based protein could come to represent 13% of total supermarket meat sales in the next decade, which would necessitate the overseas expansion.
Retail sales of plant-based-food items increased 11% in 2019, according to Retail Week. The Plant-Based Food Association values the total addressable market at $4.5 billion, with plant-based meats accounting for $1 billion of that total last year.
“It’s exciting. We’re thinking about how to scale it,” Goldman said. “We’re launching production in Europe and we want to see production grow in China as well. So, there are global opportunities for growth there as well.”
Beyond Meat went public in early May at $25 a share and has been a roller-coaster for investors, with trading to date ranging $45 to nearly $240.
They've been on a tear recently, jumping 19% on Monday and, at last check, adding another 7% on Tuesday.
Recent analyst reports say, however, that some of the runup may be short sellers covering their bets that the stock would fall.