Impossible Foods Cuts Wholesale Prices By 15% for Second Time in One Year

(Burger King)

Impossible Foods Inc, maker of the plant-based Impossible Burger, said on Wednesday it would cut prices for foodservice distributors in the United States by about 15% amid increasing demand for its burgers.

The price cut is its second in a year and the California-based company is asking distributors to pass on the savings to restaurants and consumers.

The Beyond Meat rival has tied up with several restaurants including Burger King, Starbucks and White Castle, and expanded its retail footprint to thousands of stores across the United States last year.

With the latest cut, the lowest possible price to distributors for the Impossible Burger would be $6.80 per pound, but it is still significantly higher than ground beef prices which range from about $2 to $3 per pound for low fat and non-organic varieties, according to the United States Department of Agriculture.

Impossible Foods Chief Executive Officer Patrick Brown in a statement noted the price cut is "not the last".

The company, known for its vegan patties that taste and cook like real meat, said it is also lowering prices for distributors in Canada, Singapore, Hong Kong and Macau, with varying cuts based on the region.

Demand for plant-based meat has risen during the pandemic after beef and pork producers shut many meat plants to curb the rapid spread of the coronavirus outbreak. Impossible Foods said production has increased six-fold since 2019.

(Reporting by Nivedita Balu in Bengaluru; Editing by Krishna Chandra Eluri)
 

More from Farm Journal's PORK:

Think Twice: Fake Meat’s Threat to the U.S. Meat Industry

It's A Fake Food Fight!

 

Latest News

AFIA Objects to EPA’s Draft Risk Evaluation of Formaldehyde
AFIA Objects to EPA’s Draft Risk Evaluation of Formaldehyde

The American Feed Industry Association says formaldehyde has been "safely used in the U.S. animal food industry for over 40 years via accurate automated equipment."

Power of Meat Reports Strong Meat Consumption, Evolving Consumer Trends
Power of Meat Reports Strong Meat Consumption, Evolving Consumer Trends

The Meat Institute and FMI-The Food Industry Association released the 19th annual Power of Meat report.

Cattle Imports from Mexico
Cattle Imports from Mexico

Mexico has become one of the major beef import sources for the U.S. as beef trade evolved from simply supplementing deficit beef production in Mexico to bilateral, product specific trade between the two countries.

Markets: Cash Cattle Markets Nearing Historic Highs
Markets: Cash Cattle Markets Nearing Historic Highs

All classes of cattle sold at higher prices for the week and most are at or near record highs. Supplies of all classes remain extremely tight.

International Genetic Solutions Debuts New Informational Resource
International Genetic Solutions Debuts New Informational Resource

International Genetic Solutions (IGS) recently unveiled a new information resource and video platform for important beef industry topics pertinent to producers’ bottom lines.

Sage_Grouse_Booming
Ranchers Urge BLM to Incorporate Latest Science in New Sage Grouse Plans

NCBA and PLC are requesting that BLM significantly extend the comment period deadlines while ranchers and other local stakeholders evaluate these lengthy proposals.