Beyond Meat Inc said on Wednesday it will sell plant-based burgers and sausages at a Brazilian high-end supermarket chain, entering the country about two weeks after launching in mainland China's retail market through Alibaba Group's Freshippo markets.
Starting on Wednesday, Beyond Meat products will be in 19 upscale St Marché stores in Sao Paulo, the richest city in Brazil. The retailer was founded in 2002 and is partially owned by the world’s biggest consumer-focused buyout firm, L Catterton. Brazil is the world’s No. 3 consumer of beef after the United States and the European Union.
The partnership comes as plant-based meat makers, including Beyond Meat’s Silicon Valley-based rival Impossible Foods, seek to tap in to the potentially lucrative international markets where plant-based meat buzz is spreading quickly. In early June, Yum China Holdings Inc introduced Beyond Meat burgers for a limited time at some of its KFC, Pizza Hut and Taco Bell locations.
El Segundo, California-based Beyond Meat has been doubling down on expansion in retail outlets, as restaurants around the world shut due to COVID-19 lockdowns. Revenue from the company’s U.S. retail business rose 157% in the quarter ended March 28 versus a year ago while international retail revenue was up nearly 5,000%, according to a Beyond Meat presentation.
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Beyond Meat to sell its plant-based products in Sao Paulo, marking its entrance into the Brazil marketBeyond Meat Inc. is entering the Brazil market through a partnership with grocer St. Marche, which will be selling four items in 19 stores across Sao Paulo. "As the third largest market in the world in terms of animal meat consumption, Brazil offers significant opportunity for plant-based meat adoption," Beyond Meat said in its announcement. Beyond Meat has been expanding globally, announcing Tuesday that it was furthering expanding in China. Beyond Meat stock has rallied more than 71% for the year to date while the S&P 500 index has slipped 0.3% for the period.
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