CHINA August 2020
 
China’s largest mushroom producer acquires new startup to venture into Meat Alternative category
 
Xuerong Biotechnology, China's largest mushroom producer, will invest Rmb 14 million (US$2 million) in artificial meat startup, Vesta Food Lab, to jointly develop fungus-based protein products.
Xuerong will have a 10% stake in Vesta.
The craze for artificial meat has reached China border in 2020 with KFC and Starbucks piloted veggie meat products on their menus this year. In June, Yum China Holdings joined hands with Beyond Meat to serve Beyond Burgers as a limited offering at some KFCs, Pizza Huts, and Taco Bells in the country.
Established in 2019, Beijing-based Vesta is one of the earliest companies in China to try to come up with plant-based meat products. In April, it launched meatless spaghetti bolognese with domestic instant noodle brand Ramen Talk. In May, it also partnered with Beijing-based restaurant chain Jin Ding Xuan to come up with new dishes.
Established in 1997, Xuerong had daily mushroom output of 1,170 tonnes by the end of 2019. It reported Rmb 2 billion (US$284.9 million) in revenue.
 
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