China’s “free from meat” market, which includes plant-based products meant to replace meat, has grown 33.5% since 2014 to be worth $9.7 billion last year, according to an article from World Economic Forum.
U.S. plant-based “meat” makers targeting China like Impossible Foods and Beyond Meat Inc will need to battle homegrown rivals which are developing local favorites such as dumplings and mooncakes to nab a share of the lucrative market.
China’s meat substitute industry has seen a surge in interest in recent months, with startups, traditional food businesses and investors betting trend-loving Chinese consumers will take to plant-based protein like their U.S. counterparts.
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