A Chinese producer of "vegetable meat" plans to attract $2 million in investment this year to boost its presence in the Chinese market and compete with American rivals, foreign media said.

The founder said the company was "working hard to communicate" with investors from Europe, the us and China, according to a January 13 report on the website of Russia's Sputnik news agency, citing us media.

The Chinese market presents a huge opportunity for producers of meat substitutes, the report said. According to The Good Food Institute, a us non-profit organization, The value of meat substitutes in China reached $883.8 million in 2018, up 14.2 percent year on year. That compares with a $684 million market for plant meat in the U.S. in 2018.

It is not easy for small and medium-sized companies to gain a foothold in China's domestic market because of already fierce competition between large companies. Pat brown, chief executive of Impossible Foods in the us, has said China is a "huge opportunity" for the company. China is the world's biggest consumer of pork and pork products, so Impossible Foods recently launched a meat replacement. Meanwhile, Beyond Meat, a us company, plans to start producing in China by the end of 2020.