Beyond Meat Inc. (NASDAQ: BYND) shares made a handy gain on Tuesday after it was reported that the company would be partnering with Starbucks Corp. (NASDAQ: SBUX) to bring plant-based meat to China.
Starbucks announced late on Monday that it would be rolling out a plant-based lunch menu in China this week and that Beyond Meat products would be front and center. Starbucks has reopened a majority of its Chinese locations and now it is looking to try something new in the People’s Republic.
The new lunch menu will feature lasagna and other kinds of pasta using Beyond Meat’s plant-based beef products, and it also includes dishes from Omnipork, a plant-based pork alternative brand.
Ultimately, the launch is an important stepping stone for Beyond Meat, which is looking to expand into Asia, where meat alternative products still have not experienced the popularity boom seen in the United States and parts of Europe.
As part of the launch in China, Beyond Meat noted that it would establish a Chinese-language website, as well as make use of popular social media channels Weibo and WeChat.
Shares of Beyond Meat traded up about 5% to $82.80 on Tuesday, within a 52-week range of $45.00 to $239.71. The consensus price target is $80.38.
Starbucks stock was down about 4%, at $71.97 in a 52-week range of $50.02 to $99.72. The consensus price target is $76.70.
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