As reported by Bloomberg, Impossible Foods has plans to launch plant-based pork in China. With over 60% of Chinese consumers demanding a daily intake of pork products and the recent African swine fever epidemic, the introduction of this plant-based protein is an incredible opportunity for the company.
The fever has caused a massive culling of hogs in China, and in September it spiked the price by nearly 70%. With China accounting for 28% of the world’s meat consumption, it has “always been the most important country for our mission,” Chief Executive Officer Pat Brown said. His company is in discussions with potential local partners and Chinese government officials, he added.
“We already have very good prototypes of plant-based pork,” said Brown in a Bloomberg TV interview at the China International Import Expo in Shanghai on Wednesday. “It’s really just a matter of commercializing and scaling that.”
While the vegan meat market currently accounts for less than 1% of the global meat consumption, it does have the potential to reach 9% by 2040, according to Jefferies analyst Simon Powell.
“As a small company, we are not going to fill the void left by the African swine fever epidemic,” said Brown. “But this is an opportunity as people are going to realize how vulnerable animal-based food production is. It’s a real food security issue, and we want to help China solve that.” According to Brown, the Chinese government officials “are really committed to reducing their environmental footprint and very aware of food security issues.”
“Demand for meat exceeds by a factor of four what China can produce on its own land,” he said. “That’s why every time someone eats a steak in China, a little puff of smoke goes up in the Amazon.“