EL SEGUNDO, Calif. (AP) — Plant-based meat company Beyond Meat is opening its first production facility outside the U.S. The El Segundo, California-based company is partnering with Dutch meat producer Zandbergen World's Finest Meat. Zandbergen will make Beyond Meat products starting next year at a new facility in the Netherlands.
Beyond Meat shares rose nearly eight percent to $85.85 Tuesday morning. Its share price has more than tripled since its initial public offering earlier this month.
Europe is seeing growing demand for meat alternatives. The region accounted for nearly 40 percent of global sales of plant-based meats in 2017, according to Allied Market Research. Allied expects European sales to grow seven percent each year through 2025.
Still, Beyond Meat could face some trouble from European Union regulators, who are considering banning plant-based meat producers from using words like "meat" and "burger."