January 7, 2021
Impossible Foods reduces prices for distributors
Impossible Foods said it will cut prices for United States foodservice distributors by 15%, and lower prices for distributors in Canada, Hong Kong, Macau, and Singapore, as demand increases for its plant-based Impossible Burger, Reuters reported.
This is the second time the company cut prices in a year in the US, as it urged distributors to pass on the savings to consumers and restaurants.
After the price cut, the cheapest Impossible Burger would cost US$6.80 per pound. According to the US Department of Agriculture, this is still higher than real ground beef prices that range between US$2 to US$3 per pound for low fat and non-organic varieties.
Patrick Brown, Impossible Foods chief executive officer, said this won't be the final price cut from the company.
The price cuts for distributors in Canada, Hong Kong, Macau, and Singapore will differ based on the region.
Impossible Foods said it has boosted production by six times since 2019, as plant-based meat demand soars during the COVID-19 pandemic.