US start-up Eat Just Inc yesterday said that Dicos (德克士), one of China’s largest fast food chains, has added plant-based egg products supplied by the San Francisco-based firm to menus at more than 500 outlets across China.
Dicos would replace its conventional egg patty in items such as breakfast burgers and bagels with the US firm’s “Just Egg” — made from mung beans — at restaurants in cities, including Beijing and Shanghai, Eat Just cofounder and chief executive officer Josh Tetrick said by telephone.
Although still a tiny business compared with China’s giant animal-based supply chain, vegetarian alternatives to meat, dairy and seafood are rapidly gaining in popularity.
Photo: Aly Song, Reuters
Euromonitor International, a market research provider, predicted that China’s meat-substitutes market would be worth US$12.3 billion by 2025, up from US$10.8 billion last year.
Tetrick did not disclose financial terms of Eat Just’s deal with Dicos, but he said that the COVID-19 pandemic had renewed concerns about domestic food safety in China.
“There is more awareness in China on safety, on clean protein and protein free of antibiotics,” Tetrick said, adding that his firm was in talks with other Chinese restaurant chains to supply Just Egg.
Dicos confirmed its cooperation with Eat Just on microblogging site Sina Weibo, saying that it was “an innovative new food that helped to support sustainable development for humanity in future.”
Last year, brands such as Starbucks Corp, Kentucky Fried Chicken, Beyond Meat Inc and Oatly rolled out plant-based food and beverage offerings in China, aiming to attract more curious and environmentally conscious diners.
HORMUZ ISSUE: The US president said he expected crude prices to drop at the end of the war, which he called a ‘minor excursion’ that could continue ‘for a little while’ The United Arab Emirates (UAE) and Kuwait started reducing oil production, as the near-closure of the crucial Strait of Hormuz ripples through energy markets and affects global supply. Abu Dhabi National Oil Co (ADNOC) is “managing offshore production levels to address storage requirements,” the company said in a statement, without giving details. Kuwait Petroleum Corp said it was lowering production at its oil fields and refineries after “Iranian threats against safe passage of ships through the Strait of Hormuz.” The war in the Middle East has all but closed Hormuz, the narrow waterway linking the Persian Gulf to the open seas,
Apple Inc increased iPhone production in India by about 53 percent last year and now makes a quarter of its marquee devices there, reflecting the US company’s efforts to avoid tariffs on China. The company assembled about 55 million iPhones in India last year, up from 36 million a year earlier, people familiar with the matter said, asking not to be named because the numbers aren’t public. Apple makes about 220 million to 230 million iPhones a year globally, with India’s share of the total increasing rapidly. Apple has accelerated its expansion in the world’s most populous country in recent years, bolstered
HEADWINDS: The company said it expects its computer business, as well as consumer electronics and communications segments to see revenue declines due to seasonality Pegatron Corp (和碩) yesterday said it aims to grow its artificial intelligence (AI) server revenue more than 10-fold this year from last year, driven by orders from neocloud solutions clients and large cloud service providers. The electronics manufacturing service provider said AI server revenue growth would be driven primarily by the Nvidia Corp GB300 server platform. Server shipments are expected to increase each quarter this year, with the second half likely to outperform the first half, it said. The AI server market is expected to broaden this year as more inference applications emerge, which would drive demand for system-on-chip, application-specific integrated circuits
PROJECTION: TSMC said it expects strong growth this year, with revenue in US dollars projected to grow by about 30 percent, outperforming the industry Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales last month reached NT$317.66 billion (US$9.98 billion), the highest ever for the month of February, driven by robust demand for chips built using the company’s advanced 3-nanometer (3nm) process. Last month’s figure was up 22.2 percent from a year earlier, but fell 20.8 percent from January, the world’s largest contract chipmaker said in a statement. For the first two months of the year, TSMC posted cumulative sales of NT$718.91 billion, up 29.9 percent from a year earlier. Analysts attributed the growth to sustained global demand for artificial intelligence (AI) products