Impossible Foods CFO David Lee discusses the growing interest in meat alternatives in the food industry.
Impossible Foods has cut the wholesale price of its vegetable-based “meat” once again.
A company spokesman confirmed to FOX Business that this is the second time that Impossible Foods has reduced the price in the past 12 months to compete with the traditional meat market.
WHAT ARE IMPOSSIBLE FOODS?
The price cut was set at an average of 15% for foodservice distributors who supply Impossible Foods products to restaurants in the United States, which the company hopes to reduce the cost of menu items that use its vegetable-based “meat”.
Reducing the cost of Impossible Food-based menu items in restaurants would help the company challenge the meat industry.
BEYOND MEAT, IMPOSSIBLE FOODS FACE PRICE COMPETITION ON THE PLANT-BASED MARKET
The brand’s Impossible Burger will cost food distributors $ 6.80 per pound after the last price cut takes effect, the Impossible Foods spokesman told FOX Business.
Impossible Foods is reducing the cost of its herbal products to food distributors. (Impossible foods)
That price is less than the average cost of a 90% ground beef hamburger, which costs $ 9.21 per pound, according to the latest USDA National Grass Fed Meat Monthly Report.
“Our stated goal since the founding of Impossible Foods has always been to reduce prices through economies of scale, achieve price parity and then reduce the price of conventional ground beef from cows,” said the CEO and founder of Impossible Foods, Dr. Patrick O. Brown, in a company press release on Wednesday. “Less than a year ago, we reduced food service prices by 15%. Today’s price cut is just the latest – not the last – step in making the food system sustainable. “
CHINA BECOMING A BATTLEFIELD FOR PLANT-BASED MEAT MANUFACTURERS
Impossible Foods does not stop reducing its wholesale cost in the United States. The company is reducing prices for distributors in Canada, Singapore, Hong Kong and Macau by an unspecified “double digit” value.
International price cuts will be launched this month and vary by location, but “will apply to all Impossible Foodservice products sold abroad,” according to the Impossible Foods spokesman.
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Impossible Foods has expanded its offerings of vegetable meat in addition to hamburgers. (Impossible foods)
If food distributors and restaurants follow Impossible Foods’s example of reducing the cost of vegetable-based “meat,” that could mean good news for consumers attending Burger King, Cheesecake Factory, Red Robin, Qdoba, Umami Burger and Wahl Burgers. Impossible Foods is also the flagship plant-based brand of the Walt Disney World Resort, Disneyland Resort and Disney Cruise Line.
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“While we could not and could not determine prices for independent third parties, we sincerely hope that our fellow food distributors will pass on this price cut to hard-working restaurant owners and their customers in this moment of unprecedented need,” commented the president of Impossible Foods, Dennis. Woodside, in a statement. “As unemployment remains stubbornly high and the effects of COVID-19 continue to devastate the economy, it is imperative to provide affordable, delicious and sustainable food for restaurants and the public.”