Impossible Foods Inc. is eyeing China as it prepares to put plant-based pork on the market.
“We already have very good prototypes of plant-based pork,” Chief Executive Officer Pat Brown said in a Bloomberg TV interview on Wednesday. “It’s really just a matter of commercializing and scaling that.”
Impossible Food’s imitation beef burgers are being served at Burger King and other restaurants in the U.S., while it seeks to sell its product in Europe. Jefferies analyst Simon Powell says the imitation meat market currently accounts for less than 1% of the global meat market that is estimated at $2.7 trillion, but has the potential to reach 9% by 2040.
Getting a foot in the door in China’s market, which currently accounts for 28% of the world’s meat consumption, has “always been the most important country for our mission,” Brown told Bloomberg.
Pork accounts for more than 60% of Chinese consumers’ daily meat intake. However, due to the African swine fever (ASF) epidemic wreaking havoc on China’s pork supply and pork prices increasing nearly 70% in September, Impossible Foods leaders see an opportunity to fill a void.
The question remains – will Chinese consumers be willing to substitute a plant-based product for their beloved pork?