Food giant Nestle said on Wednesday it would spend 100 million swiss francs ($103.58 million) on expanding its manufacturing footprint in China to include a new plant-based food facility and widen its production lines.
FILE PHOTO: Nestle logo is pictured on the door of the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. REUTERS/Pierre Albouy
The company said its first plant-based food facility for Asia would be built in Tianjin Economic-Technological Development Area and that it could launch faux meat products by the end of this year. China’s “free from meat” market, which includes alternative meat products, grew 33.5% since 2014 to be worth just under $10 billion in 2018, according to Euromonitor. It predicts that the industry will be worth $11.9 billion by 2023.
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