Will meatless burgers moo-ve in on beef’s market share as prices fall?
Impossible Foods announced yesterday that it is cutting the price of its Impossible Burger patties for the second time in under a year.
The plant-based meat alternative brand said it is dropping prices an average of 15 percent to foodservice industry distributors. The company said the price cuts will apply to its quarter-pound and third-pound Impossible Burger patties, five-pound Impossible Burger bulk packages and Impossible Sausage Made From Plants patties, CNBC reports.
“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,” said Dennis Woodside, president of Impossible Foods, 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.”
“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 beef from cows,” said Dr. Patrick Brown, founder and CEO of Impossible Foods.
“Today’s price cut is just the latest — not the last — step toward making the food system sustainable,” he added.
Rachel Konrad, a spokesperson for Impossible Foods, told CNBC that the lowest whole price for the company’s meatless burger is $6.80 a pound. That compares to the Jan. 1 average price for beef patties of $5.32 a pound.
- With Increasing Economies of Scale, Impossible Foods Delivers Double-Digit Price Reductions For the Second Time in One Year – Impossible Foods
- Impossible Foods cuts prices for food-service distributors, moving closer to parity with meat – CNBC
DISCUSSION QUESTIONS: Do you think prices more in line with beef will help grow sales and market share of plant-based alternatives? What do you think are the marketing and sales keys for retailers and restaurants selling these products?