The Impossible Burger made by Impossible Foods
Source: Impossible Food
Impossible Foods is cutting its wholesale prices, bringing it closer to achieving price parity with the meat that its products imitate.
On average, food distributors in the United States will pay about 15% less for Impossible’s hamburger and sausage alternatives in the second price drop in a year. International distributors in Canada, Singapore, Hong Kong and Macau can also expect a reduction in prices for impossible products.
Meat substitute manufacturers like Impossible are striving to reduce the price of animal products as part of their broader strategy to convince consumers to choose their products. On January 1, the average price for beef burgers was $ 5.32 per pound, according to the United States Department of Agriculture’s national retail report. With the latest round of price cuts, the lowest possible wholesale price for Impossible Burger is $ 6.80 per pound, said company spokeswoman Rachel Konrad.
The private company said it was breaking production records month by month, helping to achieve greater economies of scale. Since 2019, production has increased sixfold at the factories of Impossible and its manufacturing partners.
Impossible asked distributors to pass on the savings to restaurant operators, who have been struggling to stay afloat since the coronavirus pandemic began.
Rival Beyond Meat has also been working to reduce its prices as more competition enters the market. This summer, she sold frozen packages worth her meatless hamburgers. Beyond shares, which have a market value of $ 7.93 billion, were up 67% last year.