Impossible Foods CFO David Lee discusses growing interest in meat alternatives in the food industry.
Impossible Foods has once again reduced the wholesale price for its vegetable ‘meat’.
A company spokesman confirmed to FOX Business that Impossible Foods has lowered its price twelve times over the past 12 months to compete with the traditional meat market.
WHAT ARE IMPOSSIBLE FOODS?
The price reduction has been set at an average of 15% for food service distributors who supply Impossible Foods products to restaurants in the US, which the company hopes will reduce the cost of menu items using the vegetable meat.
Reducing the cost of menu items located at Impossible Foods at restaurants would apparently help the business challenge the meat industry.
OUTSIDE MEAT, IMPOSSIBLE FOODS CONSIDERING PRICE COMPETITION IN PLANT-BASED MARKET
Impossible Foods ‘food distribution costs food distributors $ 6.80 per pound after the latest price cut went into effect, Impossible Foods’ spokesman told FOX Business.
Impossible Foods is reducing the cost of its plant products for food distributors. (Impossible food)
The price is below the average cost of a 90% minced beef, which costs $ 9.21 per pound, according to the latest USDA National Monthly Grass Fed Beef Report.
“Our stated goal since the inception of Impossible Foods has always been to reduce prices through economies of scale, achieve price equality and then reduce the price of conventional minced meat of cows,” said Impossible Foods, CEO and founder, Dr. Patrick O. Brown, said. in a press release from the company on Wednesday. ‘Less than a year ago, we reduced food prices by 15%. Today’s price reduction is just the latest – not the last – step to make the food system sustainable. ”
CHINA BECOMES BATTLEGROUND FOR PLANT-BASED MEATMAKERS
Impossible Foods does not stop reducing wholesale costs in the US. The company lowers prices for distributors in Canada, Singapore, Hong Kong and Macau by an unspecified ‘double digit’.
According to the Impossible Foods spokesperson, the international price reductions will apply this month, and will vary from place to country, but apply to all Impossible Foodservice products sold abroad.
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Impossible Foods is expanding its plant-based meat offering to burger pies. (Impossible food)
If food distributors and restaurants are following the lead of Impossible Foods to reduce the cost of vegetable ‘meat’, it could mean good news for consumers who regularly visit Burger King, The Cheesecake Factory, Red Robin, Qdoba, Umami Burger and Wahl Burgers. Impossible Foods is also the plant-based flagship brand for Walt Disney World Resort, Disneyland Resort and Disney Cruise Line.
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“While we could not or would not set prices for independent third parties, we sincerely hope that our food distribution colleagues pass on this price reduction to hard-working restaurateurs and their customers in this unprecedented time of need,” said Dennis Dennis, president of Impossible Foods. Woodside, in a statement. “As unemployment remains stubbornly high and the effects of COVID-19 continue to plague the economy, it is vital to provide affordable, delicious and sustainable food to restaurants and the public.”