The Impossible Burger from Impossible Foods
Source: Impossible Foods
Impossible Foods is lowering its wholesale prices, bringing it closer to price parity with the meat its products imitate.
On average, US food service retailers pay around 15% less for the second price drop in a year for Impossible’s burger and sausage alternatives. International distributors in Canada, Singapore, Hong Kong and Macau can also expect price reductions for Impossible products.
Meat substitute manufacturers like Impossible are trying to undercut the price of animal products as part of their broader strategy to convince consumers to choose their products instead. As of January 1, the average price for beef patties was $ 5.32 a pound, according to the U.S. Department of Agriculture’s national retail report. With the latest round of price cuts, the lowest possible wholesale price for the Impossible Burger is $ 6.80 a pound, company spokeswoman Rachel Konrad said.
The privately held company said it was breaking monthly production records to achieve greater economies of scale. Since 2019, production at Impossible and its manufacturing partners’ plants has increased six-fold.
The company urged traders to pass the savings on to restaurant operators who, for the most part, struggled to stay afloat during the coronavirus pandemic.
Rival Beyond Meat has also worked to lower its prices as more competition comes into the market. That summer it sold frozen packs of its meatless burger patties. Beyond’s shares, valued at $ 7.93 billion, are up 67% over the past year.