U.S. plant-based-meat producer Beyond Meat Inc. has postponed its plan to foray into Japan and is instead planning to focus more on its home market, Reuters reported Aug. 9, citing Japanese trading house Mitsui & Co. Ltd., which owns a stake in the company.
Mitsui, which acquired a small stake in Beyond Meat in 2016, reportedly said Beyond Meat had previously planned to enter Japan through a partnership with Mitsui. But the project is no longer in the works, the news outlet reported.
However, Chuck Muth, chief growth officer at Beyond Meat, indicated that a Japan launch was still possible.
"We know the market is primed for plant-based meat adoption but are being strategic with each market entrance to ensure the successful introduction of our brand. We look forward to bringing our revolutionary products to more countries across Asia, including Japan," Muth said in a statement to S&P Global Market Intelligence.