The Impossible Burger made by Impossible Foods
Source: Impossible food
Impossible Foods reduces its wholesale prices, bringing it closer to the parity of prices with the meat that its products imitate.
On average, US food retailers will pay about 15% less for Impossible burger and sausage alternatives in the second price drop in a year. International distributors in Canada, Singapore, Hong Kong and Macau can also expect to see reduced prices for impossible products.
Meat substitutes such as Impossible are working to lower the price of animal products as part of their broader strategy of persuading consumers to choose their products instead. As of January 1, the average price of beef patties was $ 5.32 per kilogram, according to the US Department of Agriculture’s national retail report. With the latest round of price cuts, the lowest possible wholesale price for Impossible Burger is $ 6.80 per pound, said company spokeswoman Rachel Konrad.
The private company said it is setting production records from month to month, helping it achieve greater economies of scale. Since 2019, production has increased sixfold at the factories owned by Impossible and those of its production partners.
Impossible demanded that distributors transfer the savings to restaurant operators, who have largely struggled to stay afloat since the onset of the coronavirus pandemic.
Rival Beyond Meat has also worked to reduce prices as more competition enters the market. This summer, he sold frozen packages of meatless burgers. Beyond shares, which have a market value of $ 7.93 billion, have risen 67 percent in the past year.