Food giant Nestlé has invested $100M USD to expand its manufacturing footprint in China with its first entirely plant-based food facility, which will be built in the Tianjin Economic-Technological Development Area.
Nestlé aims to be manufacturing plant-based meat at the facility by the end of 2020. The investment into China comes as Chinese consumers steadily shift towards plant-based eating following the decimation of pig herds by African Swine Fever and continuing trade wars driving up meat prices in the country.
Nestlé’s move is also underscored by data on the Chinese “free from meat” market that includes plant-based meats is growing, with estimates by Euromonitor that the sector was worth just under $10B in 2018 and is predicted to grow to $11B USD by 2023.
READ MORE: Nestlé to build new plant-based food facility in China under $100 million investment plan [Reuters]