市场的周期变化从不留情，人造肉行业就正在亲身经历从资本狂热追捧到迅速坠落的戏剧性周期。 近日，"人造肉第一股"Beyond Meat（中文名"别样肉客"）被曝已关闭其在中国的电商平台旗舰店，且公司 位于浙江嘉兴的工厂也已停产。这一系列动作被市场普遍解读为，是这家美国公司退出中国市场的明确信 号。 成立于2009年的别样肉客，是美国最早成立的一批植物人造肉公司之一。凭借"环保革命"与"科技理想"的鲜 明标签，公司在创立后的十余年里备受资本青睐——自2012年起便以每年一轮的稳定节奏一路融资到G轮， 投资方名单中不乏比尔·盖茨、莱昂纳多·迪卡普里奥等名人身影。 2020年，风头正盛的别样肉客将业务版图拓展至中国，在嘉兴建立了两座工厂。当时公司雄心勃勃，宣称 其中一座将成为全球规模最大、技术领先的植物肉生产基地之一。然而五年过去，现实并未如预期展开。 中国市场受挫，仅仅是别样肉客全球困境的一个缩影。自2022年起，公司便陷入连续多个季度的营收下滑 与亏损扩大的泥潭，股价较历史最高点更是暴跌近97%。 昔日的"资本宠儿"，如今已陷入严峻的经营危机之中。 以下文章来源于投中网 ，作者王满华 投中网 . 投中网是领先的创 ...

市场的周期变化从不留情，人造肉行业就正在亲身经历从资本狂热追捧到迅速坠落的戏剧性周期。 近日，"人造肉第一股"Beyond Meat（中文名"别样肉客"）被曝已关闭其在中国的电商平台旗舰店，且 公司位于浙江嘉兴的工厂也已停产。这一系列动作被市场普遍解读为，是这家美国公司退出中国市场的 明确信号。 成立于2009年的别样肉客，是美国最早成立的一批植物人造肉公司之一。凭借"环保革命"与"科技理 想"的鲜明标签，公司在创立后的十余年里备受资本青睐——自2012年起便以每年一轮的稳定节奏一路 融资到G轮，投资方名单中不乏比尔·盖茨、莱昂纳多·迪卡普里奥等名人身影。 2020年，风头正盛的别样肉客将业务版图拓展至中国，在嘉兴建立了两座工厂。当时公司雄心勃勃，宣 称其中一座将成为全球规模最大、技术领先的植物肉生产基地之一。然而五年过去，现实并未如预期展 开。 中国市场受挫，仅仅是别样肉客全球困境的一个缩影。自2022年起，公司便陷入连续多个季度的营收下 滑与亏损扩大的泥潭，股价较历史最高点更是暴跌近97%。 昔日的"资本宠儿"，如今已陷入严峻的经营危机之中。 股价跌97%，市值仅剩4.72亿美元 事实上，在此之前别样肉客 ...

Core Viewpoint - The plant-based meat industry is experiencing a dramatic shift from capital enthusiasm to a rapid decline, exemplified by Beyond Meat's recent closure of its flagship e-commerce store in China and the shutdown of its factory in Jiaxing, signaling a potential exit from the Chinese market [3][4][9]. Company Overview - Beyond Meat, founded in 2009, was one of the earliest plant-based meat companies in the U.S. and gained significant capital interest, attracting notable investors like Bill Gates and Leonardo DiCaprio [3][16]. - The company expanded into China in 2020, establishing two factories in Jiaxing with ambitions to become a leading plant-based meat producer globally [6][7]. Financial Performance - Since 2022, Beyond Meat has faced continuous revenue declines and increasing losses, with stock prices plummeting nearly 97% from their peak [8][5]. - The company's revenues from 2022 to 2024 were reported at $419 million, $343 million, and $326 million, with corresponding losses of $366 million, $338 million, and $160 million [8][21]. Market Challenges - The closure of Beyond Meat's operations in China reflects broader struggles within the plant-based meat sector, where companies like Impossible Foods have also faced layoffs and operational challenges [19][20]. - The plant-based meat market is hindered by three main issues: poor taste perception among consumers, high prices compared to traditional meat (82% higher), and a limited consumer base primarily consisting of vegetarians and fitness enthusiasts [21][22]. Investment Trends - Investment in plant-based meat companies has significantly declined, with a reported 64% drop in 2024, following a 75% decrease in cultivated meat investments [22].

Core Insights - Beyond Meat, once hailed as the "first stock of plant-based meat," has exited the Chinese market within five years of its entry, marking a significant retreat for the brand [3][19] - The company faced challenges including high product prices, poor consumer reception, and a lack of taste compared to traditional meat, leading to a decline in sales and eventual withdrawal from the market [11][12][19] Company Overview - Beyond Meat entered the Chinese market in 2020, establishing a factory in Jiaxing, Zhejiang, and partnering with major food chains like Starbucks and KFC to promote its products [8][10] - Despite initial enthusiasm and significant investment, the company reported a decline in revenue from $4.19 billion in 2022 to $3.26 billion in 2024, with cumulative losses reaching $8.64 billion [14][19] Market Dynamics - The plant-based meat sector saw a surge in interest and investment from 2019 to 2020, with a 500% increase in investment events related to plant-based companies in China [5][6] - However, as consumer interest waned and product quality issues became apparent, investment in the sector decreased significantly, leading to the closure of several companies [13][14] Consumer Reception - Consumer feedback highlighted that Beyond Meat's products were priced higher than traditional meat, with a 454g pack of plant-based beef mince priced at 199 yuan, compared to 140 yuan for real beef [11][12] - A significant 74% of consumers indicated they would not repurchase plant-based meat products, primarily due to taste and texture issues [12][19] Industry Challenges - The plant-based meat industry is currently facing a "winter" phase, with many companies struggling to secure funding and maintain operations [13][14] - Experts suggest that the industry must focus on improving product quality, establishing standards, and finding a sustainable market position to survive [17][18][19] Future Outlook - Despite current challenges, there is potential for growth in the plant-based meat sector, particularly if companies can innovate and meet consumer expectations for taste and price [17][18] - The global market for plant-based meat is projected to grow significantly, with estimates suggesting a market size of approximately $7.6 billion in 2024, expanding to about $38.5 billion by 2033 [18]