Nov 7, 2019

U.S. fake meat targets China market

The Beyond Burger cooking in a skillet. Photo illustration: Drew Angerer/Getty Images

Fake meat is the latest American industry vying for access to China's massive market of 1.4 billion consumers.

Why it matters: The global fake meat market is expected to grow to around $140 billion within the next 10 years as consumers move away from real meat due to health and environmental concerns — and the fastest-growing market is Asia, Axios' Erica Pandey reports.

  • China's fake meat market is already worth more than that of the U.S., reports CNBC.
  • Beyond Meat and Impossible Foods have taken off in the U.S., and the same level of success in China could turn the firms into multinational titans.

Driving the news: Beyond Meat plans to start production in Asia by the end of 2020, executive chairman Seth Goldman told Reuters. Setting up a supply chain in Asia is a crucial step when it comes to selling in China. Impossible Foods told Reuters it's also working to break into China.

The big picture: China eats 28% of the world's meat — and consumption is expected to rise.

  • But the country can only produce about a quarter of the meat it eats, and African swine fever and a trade-war-induced shortage of soybeans have sent pork prices soaring in China.
  • Impossible Foods CEO Pat Brown told Fortune that he sees that as an opening. The company is perfecting its pork substitute, Brown said.

The bottom line: China has its own fake meat startups — including Whole Perfect Food — that'll make tough competition for both American firms trying to capture the market.

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2 million pounds of chicken recalled in 8 states due to possible metal contamination

Photo: Tetra Images/Getty Images

More than 2 million pounds of chicken products have been recalled throughout eight states, per an announcement by the Agriculture Department's Food and Safety Inspection Service.

What we know: The release says that "approximately 2,071,397 pounds of poultry products that may be contaminated with extraneous materials, specifically metal." The meat of concern was produced by Simmons Prepared Foods, Inc. from Oct. 21 through Nov. 4.

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Why Thanksgiving isn't meatless

Illustration: Sarah Grillo/Axios

Plant-based alternatives to meat have found their way into upscale restaurants and fast-food joints alike, but the trend hasn't really cracked Thanksgiving — one of the biggest meat-eating days of the year.

The big picture: Companies have made big strides in re-creating the taste of burgers and chicken nuggets with plant protein, but there are relatively few vegan options for the Thanksgiving turkey.

Go deeperArrowNov 27, 2019

Largest milk producer in U.S. files for bankruptcy

A milk truck pulls away from the Garelick Farms manufacturing plant in Lynn, Massachusetts. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

America's largest milk producer, Dean Foods, is set to file for bankruptcy, CNN reports.

The big picture: The company has struggled to stay alive as U.S. demand for cow milk has dropped, in part due to a growing preference for non-dairy substitutes such as almond or soy milk. The company's stock fell 80% this year, having lost 7% in sales during the first half of 2019. Profits also plummeted by 14%.

Go deeperArrowNov 12, 2019