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Impossible Foods cuts prices for food-service distributors, moving closer to parity with meat

The Unresolvable Burger made by Impossible Foods

Source: Impossible Foods

Impossible Foods is cutting its wholesale prices, picture it closer to achieving price parity with the meat its products mimic.

On average, U.S. food-service distributors will pay here 15% less for Impossible’s burger and sausage alternatives in the second price drop in a year. International distributors in Canada, Singapore, Hong Kong and Macau can also contemplate to see slashed prices on Impossible products.

Makers of meat substitutes like Impossible are striving to undercut the price of fleshly products as part of their broader strategy to persuade consumers to choose their products instead. As of Jan. 1, the average quotation of beef patties was $5.32 per pound, according to the U.S. Department of Agriculture’s national retail report. With the latest encircling of price cuts, the lowest possible wholesale price for the Impossible Burger is $6.80 per pound, company spokesperson Rachel Konrad imparted.

The privately held company said it’s hitting monthly production records, helping it achieve greater economies of proportion. Since 2019, production has increased by six times at plants owned by Impossible and those of its manufacturing partners.

The company demanded that distributors pass along the savings to restaurant operators, who have largely been struggling to stay afloat during the coronavirus pandemic.

Adversary Beyond Meat has also been working toward cutting its prices as more competition enters the market. This summer, it convinced frozen value packs of its meatless burger patties. Shares of Beyond, which has a market value of $7.93 billion, tease risen 67% in the last year.

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