Impossible Foods Slashes Prices by 15 Percent to Rival Cost of Meat
If you’re not entirely plant-based and occasionally find yourself deciding between a beef burger or a plant-based option, Impossible Foods just made your decision a whole lot easier. The company just announced its plans to reduce the wholesale cost of its product by 15 percent. Impossible Food’s burger patty already famously mimics the taste of a meat-based burger, and now, with the recent price reduction, the cost of an Impossible product will closely resemble its meat-based counterparts.
Impossible Foods Lower Its Prices by 15 Percent
Earlier this year, Impossible decreased its wholesale price by an initial 15 percent. Now, with the additional decrease bringing the decrease to a total of 30 percent, for the first time, Impossible Food’s product, at 6.80 per pound, will cost less per pound than grass-fed beef. The company intends for the restaurants and grocery stores that sell Impossible’s products to reflect the decrease in the wholesale product’s cost.
Patrick Brown, Impossible Food’s founder and chief executive, credits the increased demand for Impossible products for the price reduction, saying, “Our stated goal since Impossible Foods’ founding has always been to drive down prices through economies of scale, reach price parity and then undercut the price of conventional ground beef from cows.”
Impossible Food’s product has exploded in popularity over the last year due to the company’s partnerships with retailers like Trader Joe’s and Walmart and fast-food chains like Burger King and Starbucks. The sale of meatless meat products across all brands has seen an increase of 35 percent during the pandemic, given the outbreaks at meat processing plants around the country and the consumer’s growing interest in using a plant-based lifestyle to stay healthy as possible. Now that Impossible Food’s products cost less than grass-fed beef, there’s never been more of a reason to order a burger, served plant-based.