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Impossible Foods Cuts Wholesale Prices Again To Be Price Competitive With Beef

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Impossible Foods Cuts Wholesale Prices Again To Be Price Competitive With Beef

Plant protein company Impossible Foods Inc is cutting wholesale prices by nearly 15% as the demand for its products rises, the company announced Wednesday.

What Happened: The California-based company has cut the prices for distributors for the second time in a year and asked them to pass the savings to both restaurants and customers.

After the latest price cut, a likely price for the Impossible Burger would be $6.80 per pound. Ground beef is priced at $2 to $3 per pound for low fat and non-organic varieties, according to the United States Department of Agriculture.

CEO Patrick Brown said the price cut is “not the last.”

“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,” said Brown.

“Less than a year ago, we cut foodservice prices by 15%. Today’s price cut is just the latest — not the last — step toward making the food system sustainable. Stay tuned.”

Why It Matters: Both Impossible and rival Beyond Foods Inc (NASDAQ: BYND) supply to establishments such as Restaurant Brands International Inc (NYSE: QSR) owned Burger King, Starbucks Corporation (NASDAQ: SBUX), and Dunkin Donuts. 

See Also: Impossible Whopper Added To Burger King's '2 For $6' Deal Menu

Starbucks has been expanding the plant-based protein offerings in its international locations, especially in Asia.

 

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Posted-In: Impossible Foods Patrick Brown plant-based meatNews Retail Sales Best of Benzinga

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