Beyond Meat calls off plans to enter Japanese consumer market

US-based Beyond Meat has reportedly suspended plans to enter the Japanese consumer market.

Japanese trading house Mitsui & Co, which acquired a stake in Beyond Meat in 2016, told Reuters that at it had planned to partner with Beyond Meat to sell plant-based meat alternatives in Japan, but the project has been officially shelved.

A Mitsui spokeswoman did not disclose details of the negotiation, but added that future expansion has not been ruled out.

Beyond Meat chief growth officer Chuck Muth said: “After successful launches first in Hong Kong, and then across Asia in Singapore, Taiwan, Korea, Macau and the Philippines, as well as in Australia and New Zealand, Beyond Meat is aggressively pursuing distribution across the APAC region.

“We know the market is primed for plant-based meat adoption but are being strategic with each market entrance to ensure the successful introduction of our brand.

“We look forward to bringing our revolutionary products to more countries across Asia, including Japan.”

According to media reports, Beyond Meat intends to focus on the US market.

Currently, the company competes with other US-based firms, including Impossible Foods and plant-based products produced by companies such as Tyson Foods and Perdue Foods.

In May, Beyond Meat expanded its partnership with Zandbergen World’s Finest Meat to produce plant-based food at Zandbergen’s manufacturing facility, which is being constructed in Zoeterwoude, the Netherlands.

The facility, which is expected to be completed by the first quarter of 2020, will be Beyond Meat’s first production capability outside the US.

Amid increasing concerns for climate change, animal welfare and wellness, the alternative-meat industry is expected to surge from $14bn to $140bn over the next decade, according to Barclays.