The Impossible Burger made by Impossible Foods
Source: Impossible foods
Impossible Foods is reducing wholesale prices and bringing it closer to price parity with meat that mimics its products.
On average, U.S. food service distributors will pay about 15% less for Impossible burger and sausage alternatives in the second fall in prices in a year. International distributors in Canada, Singapore, Hong Kong and Macao can also expect to see reduced prices on impossible products.
Meat substitute manufacturers like Impossible strive to lower the price of animal products as part of their broader strategy to convince consumers to choose their products. As of Jan. 1, the average price of beef pies was $ 5.32 a pound, according to the U.S. Department of Agriculture’s national retail report. With the latest round of price cuts, the lowest possible wholesale price for the Imperible Burger is $ 6.80 a pound, company spokeswoman Rachel Konrad said.
The private company said it is achieving production records month by month, which helps it achieve greater economies of scale. Since 2019, production has increased sixfold at plants owned by Impossible and those of its manufacturing partners.
Impossible called for distributors to pass the savings on to restaurant operators, who have largely been struggling to stay in the fleet since the start of the coronavirus pandemic.
Rival Beyond Meat has also been working to reduce its prices as more competition enters the market. This summer he has sold frozen value packets of his meatless burgers. Beyond shares, which have a market value of $ 7.9 billion, have risen 67% in the past year.