Beyond Meat (BYND) spiked about 4% before the market opened on Tuesday after the company shared plans to start making its product internationally for the first time.
Beyond said in a statement that it is expanding its partnership with European meat seller Zandbergen World’s Finest Meat. Through Zandbergen, Beyond will start making its plant-based proteins — which are designed to look, taste and cook like meat — in a new manufacturing facility, scheduled to open in the Netherlands next year.
The move should help the company reach European customers more quickly.
Demand for plant-based protein is growing as consumers look for ways to eat healthier and reduce their environmental impact. In Europe, "consumer response ... has been very positive," Seth Goldman, Beyond's executive chairman said in a statement Tuesday. He added that the expanded partnership should help Beyond "grow our global footprint."
Currently, Beyond products are sold at over 30,000 retailers and restaurants throughout the world. Beyond Meat first partnered with Zandbergen last year.