Investors are clearly betting consumers may buy more plant-based proteins like burgers and sausage made by the likes of Beyond Meat and its top rival Impossible Foods if they aren’t able to find real beef, chicken or pork at their local supermarket.
Beyond Meat CEO Ethan Brown said in a statement that this deal, the country’s entrance into the Chinese market, is an “important milestone” that will help Beyond Meat advance “our goal of increasing accessibility to plant-based protein globally.”
Still, it’s been a volatile first year for Beyond Meat as a publicly traded company.
The stock has soared during the past three weeks and has now more than quadrupled from its initial public offering price of $25.
But shares plunged earlier this year as concerns about the Covid-19 pandemic rattled investor confidence globally and raised fears about a severe recession and pullback in consumer spending.
Despite the recent rebound in the stock, shares remain more than 50% below the all-time high they hit last summer shortly after the IPO.
Competition in the plant-based protein market is intense.