人造肉行业退潮：别样肉客败走中国背后的多重困局

Core Insights - Beyond Meat, once valued at over $15 billion and backed by Bill Gates, officially ceased its operations in China by shutting down its Tmall and Pinduoduo flagship stores and halting production at its Jiaxing factory by the end of 2025, marking a significant failure of foreign brands in localizing their business in China and reflecting the complete cycle of the once-booming plant-based meat sector from enthusiasm to bubble burst [1][7] Group 1: Company Journey - Beyond Meat entered the Chinese market in 2020, leveraging the global plant-based food trend and quickly gaining recognition through partnerships with major restaurants, including Starbucks and Yum China [2][8] - The company established its first overseas factory in Jiaxing in September 2020, and by April 2021, it launched customized products like plant-based dumplings, reducing local prices by 30% compared to imported products [2][8] - Despite aggressive market strategies, sales did not translate into sustained growth, with the highest monthly sales of its plant-based burger patties on Tmall in 2023 being only about 400 units, leading to product removal from some retail locations [2][8] Group 2: Financial Performance - From 2022 to 2024, Beyond Meat's revenue declined from $419 million to $326 million, accumulating losses of $864 million, with a net loss of $156 million in 2024 [3][9] - The company's stock price plummeted from nearly $180 to $1.02, resulting in a market capitalization drop of over 98% [3][9] - In February 2025, the brand announced plans to suspend operations in China by the end of June and cut 95% of its workforce, ultimately closing its e-commerce channels by November [3][9] Group 3: Industry Challenges - High prices are a key barrier to market acceptance, with plant-based meat averaging 82% higher than traditional meat, leading to consumer complaints about affordability [4][10] - Taste and texture issues persist, with many products being perceived as "seasoned bean products" lacking the desired meat-like qualities, causing approximately 74% of Chinese consumers to express no intention to repurchase plant-based meat due to taste concerns [4][10] - The lack of national standards for plant-based meat in China raises consumer doubts about nutritional value and safety, further diminishing purchase willingness [4][10] Group 4: Market Dynamics - The capital frenzy that once fueled the sector saw 31 out of 35 financing events in the domestic plant-based meat field from 2019 to 2022, with 2020 alone witnessing a funding scale of 8 billion yuan; however, by 2024, global investment in plant-based meat companies plummeted by 64% [5][11] - The industry is undergoing a contraction, with many startups either ceasing operations or pivoting, as evidenced by the low sales figures even for major brands like Nestlé, which reported monthly sales of only over 500 units on Tmall [6][12] - Despite the downturn, long-term prospects for plant-based meat may still exist due to the push for carbon neutrality and rising health-conscious consumer demands [6][12]