February 3, 2021

Impossible Foods cuts prices for its plant-based meats in the US, Canada, Singapore, and Hong Kong

Impossible Foods said it will cut prices off its plant-based meats at grocery stores in the United States, Canada, Singapore, and Hong Kong as the company boosts production and aims to undercut prices for regular ground beef, Reuters reported.

The company will cut 20% off the price of its products at about 17,000 grocery stores in the US, with similar price cuts announced for retail stores in Canada, Singapore, and Hong Kong.

After the price cut, its flagship Impossible Burger costs US$5.49.

The company, which announced cut prices for distributors twice last year, said it will continue to reduce its products prices.

Impossible Foods and major competitor Beyond Meat are leaders in plant-based alternatives, as demand for plant-based meat rises among consumers especially during the COVID-19 pandemic.

- Reuters