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A spokesperson for the company confirmed to FOX Business that this is the second time Impossible Foods has lowered the price during the last 12 months to compete with the traditional meat market.
The price cut has been set at 15% on average for foodservice distributors that provide Impossible Foods products to restaurants in the U.S., which the company hopes will lower the cost for menu items that use its plant-based "meat."
Driving down the cost of Impossible Foods-based menu items at restaurants would reportedly help the company challenge the meat industry.
The brand’s Impossible Burger will cost food distributors $6.80 per pound after the latest price cut takes effect, Impossible Foods' spokesperson told FOX Business.
That pricing is lower than the average cost of a 90% ground beef patty, which costs $9.21 per pound, according to the latest USDA National Monthly Grass Fed Beef Report.
“Our stated goal since Impossible Foods’ founding has always been to drive down prices through economies of scale, reach price parity and then undercut the price of conventional ground beef from cows,” said Impossible Foods CEO and Founder Dr. Patrick O. Brown, in a company press release Wednesday. “Less than a year ago, we cut foodservice prices by 15%. Today’s price cut is just the latest – not the last – step toward making the food system sustainable.”
Impossible Foods is not stopping at lowering its wholesale cost in the U.S. The company is cutting prices for distributors in Canada, Singapore, Hong Kong and Macau by an unspecified “double-digit.”
The international price cuts will be rolled out this month and vary by location, but will “apply to all Impossible foodservice products sold overseas,” according to Impossible Foods’ spokesperson.
If food distributors and restaurants follow Impossible Foods’ lead in lowering the cost of plant-based "meat," that could mean good news for consumers who frequent 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.
“While we couldn’t and wouldn’t determine pricing for independent third parties, we sincerely hope our food distributor colleagues pass along this price cut to hard-working restaurateurs and their customers in this unprecedented time of need,” remarked Impossible Foods President Dennis Woodside, in a statement. “As unemployment remains stubbornly high and the effects of COVID-19 continue to ravage the economy, it’s imperative to provide affordable, delicious and sustainable food to restaurants and the public.”