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Nestle Invests Over $100 Million To Build A New Plant-Based Factory In China
Food giant Nestle announced it would spend 100 million Swiss francs (nearly £85 million) on building a new plant-based food factory and expanding its manufacturing capacity in China.
Nestle confirmed it would build its first Asian plant-based food dedicated facility in Tianjin Economic-Technological Development Area.
The company said it could launch its first meat alternative products by the end of this year.
Chinese plant-based market is the largest in the world. According to Euromonitor it was worth nearly $10 billion in 2018 and is projected to grow to be worth $11.9 billion by 2023.
Over the past few years, Chinese consumers have been reducing their meat consumption and opting for more plant-based diets.
Pork has become more expensive in China due to a devastating pig disease and trade wars. And now shoppers are also more concerned about zoonotic diseases linked to meat due to the coronavirus crisis.
Nestle has 31 production facilities in China, and the investment would also include a capacity expansion of the existing Purina pet food plant, with new production lines offering consumers premium pet food products.
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