Impossible Foods slashes prices again as it seeks to ‘undercut’ beef

 

By Lisa Fickenscher, New York Post

January 6, 2021

 

Impossible Foods is chopping its wholesale prices for the second time in less than a year as demand soars and it seeks to “undercut” beef, the company said.

 

The latest cut will slice 15 percent off the cost of the Redwood City, California, company’s plant-based patties and sausages — a reduction the company is asking distributors to pass along to supermarkets and restaurants that sell its products.

 

Impossible Foods, which burst onto the food scene with patties that taste and even “bleed” like real meat, has made it its mission to displace sales of regular beef. But Impossible Foods’ burger patties are still about a buck more than regular chopped beef, which sells for about $2 per pound.

 

The latest cuts, which follow a 15 percent price reduction in March, makes Impossible Foods’ meat less expensive — at about $6.80 per pound — than the $9 per pound for premium grass-fed, organic beef for the first time, company spokeswoman, Rachel Konrad told The Post.

 

“We experienced skyrocketing growth in 2020, which allowed us to go into high production and to cut our per unit costs,” Konrad said.

 

The new prices will be in effect everywhere in the US and in Canada and Asia by the end of this month.

 

Demand for plant-based meats have increased dramatically during the pandemic, in part, because of meat shortages, but also because consumers became more health conscious and saw plant-based foods as a more healthy choice, experts said.

 

Impossible Foods’ publicly held rival, Beyond Meat, notched a 69 percent sales increase in the second quarter to $113 million.

 

A year ago, Impossible Foods was available for purchase in 150 grocery stores and today is sold in 17,000 supermarkets, including Walmart, Target, Kroger. In December Costco began a pilot in 45 stores in California, Konrad said...

 

more, including links

https://nypost.com/2021/01/06/impossible-foods-to-lower-food-prices/