According to CNBC, ZhenMeat intends to raise $2 million in funding to initiate commercial production of plant-based ground meat with pork and beef flavors.
Founder of the company, Vince Lu considers that ZhenMeat will be highly competitive in China since it “tailors products to Chinese cuisine.” Both Impossible Foods and Beyond Meat intend to develop production in China during 2020.
It appears that there is a low technical barrier of entry to the market in China. Given the high demand for red meat and especially pork at high prices due to ASF, vegetable-based alternatives will be the beneficiaries of demand.
The Good Food Institute estimates the 2019 market for plant-based alternatives in China at $900 million compared to the U.S. at $680 million in 2018.