By the end of 2025, Beyond Meat, the "first plant-based meat stock" once invested in by Bill Gates with a market capitalization that once exceeded $15 billion, officially drew a close to its operations in China by terminating its flagship stores on Tmall and Pinduoduo and halting production at its Jiaxing factory. This landmark event is not only another case of a foreign brand's failed localization but also reflects the complete cycle of the once capital-frenzied plant-based meat sector, from狂热to泡沫破裂.
From a high-profile entry to a黯然退场: Beyond Meat's journey in China began in 2020 when it entered the Chinese market riding the global wave of plant-based foods, initially gaining rapid recognition through partnerships with leading餐饮chains. In April of that year, it collaborated with Starbucks China to launch three plant-based beef light meal products priced between 59 and 69 yuan; in June, it partnered with Yum China to introduce a "Plant-Based Beef Cheese Burger" in KFC and Pizza Hut outlets, which sold out all 80 available portions within just 3 hours. To deepen its本土化strategy, the brand established its first overseas production facility in Jiaxing in September 2020, which commenced operations in April 2021 and launched customized products like plant-based pan-fried dumplings, with localized prices approximately 30% lower than its imported products.
The brand was also active in retail expansion, entering Freshippo (Hema) in 2020, opening flagship stores on Tmall and Pinduoduo in 2022, and partnering with Lawson the same year to launch plant-based bento boxes in over 2,300 stores across Jiangsu, Zhejiang, Shanghai, and Anhui. However, these bustling market initiatives failed to translate into sustained performance growth. In 2023, the best-selling product in Beyond Meat's Tmall flagship store was its plant-based burger patty, which achieved a monthly sales volume of only about 400 units, while its products were even delisted from Freshippo stores in Beijing.
Financial data ultimately became the final straw that broke the business. From 2022 to 2024, Beyond Meat's revenue declined逐年from $419 million to $326 million, accumulating total losses reaching $864 million, with a net loss of $156 million in 2024 alone. Its stock price plummeted from a peak of nearly $180 to just $1.02, evaporating over 98% of its market value. In February 2025, the brand announced plans to suspend its China operations and lay off 95% of its local workforce by the end of June, culminating in the closure of its e-commerce channels in November, marking its formal exit.
Behind the receding tide: Core contradictions have led to industry cooling. Persistently high prices have been a key factor constraining market acceptance. Data from the American优质食品协会shows that the average price of plant-based meat is 82% higher than that of conventional meat, with "not as affordable as real meat" being a common complaint among consumers.
The issue of taste and texture has never been effectively resolved. Formulations primarily based on legume protein have led to widespread criticisms such as products tasting like "seasoned bean curd," "disintegrating upon entry into the mouth," and "lacking meaty texture," failing to meet consumers' core expectations for meat flavor and mouthfeel. A joint report by CBNData and Tmall indicated that approximately 74% of Chinese consumers stated they did not intend to repurchase plant-based meat products, with the primary reason being that they are "not tasty enough." Furthermore, the absence of a national standard for plant-based meat in China has fueled consumer skepticism regarding its nutritional value and safety, further dampening purchase intent.
Beyond Meat, which grew out of the Western vegetarian culture context, failed to precisely adapt to the Chinese market. The size of China's strict vegetarian population is limited, and for most consumers, trying plant-based meat remains merely an act of "novelty tasting." The brand's premium pricing strategy starkly contrasted with the price sensitivity of domestic consumers.
The狂热of capital was once the core driver heating up the sector. Between 2019 and 2022, 31 out of 35 financing events in China's plant-based meat领域occurred during this period, with total financing reaching 8 billion yuan in 2020 alone. However, in 2024, global venture capital investment in plant-based meat companies plummeted by 64%, and investment in lab-grown/cultivated meat fell by another 40%. This capital retreat has severely impacted the industry's ability to sustain itself. Domestic brands have also faced difficulties, with companies like Hey Maet declaring bankruptcy, leaving the entire industry in a state of contraction.
Channel contraction and industry reshuffle: The market现状following the receding tide. As consumer acceptance has declined, both餐饮and retail channels have adjusted their strategies accordingly. Looking at the industry as a whole, the explosive growth seen in 2020 did not sustain. At its peak, there were over a thousand different plant-based meat products available domestically, but after 2022, the industry entered a phase of consolidation; aside from a few brands, most startups have either ceased production or pivoted their business models. Even plant-based meat brands launched by food giants like Nestlé have seen their highest monthly sales on Tmall reach only 500+ units, indicating a significant cooling of market enthusiasm.
Nevertheless, the industry is not entirely without potential for a turnaround. In the long term, the advancement of dual-carbon goals and the rising demand for healthier diets still provide潜在development space for plant-based meat.