Economy

Impossible foods slash grocery store prices by 20%

Impossible foods slash grocery store prices by 20%

A customer picks up a package of Impossible Burger-based meat during the launch of Impossible Foods Inc. grocery store. At Gelson’s Markets in Los Angeles, California, US, on Friday, September 20, 2019.

Patrick T Fallon | Bloomberg | Getty Images

Impossible Foods is cutting its proposed prices for US grocery stores by 20%, bringing it closer to price parity for the meat it’s trying to replace.

Recommended retail prices for the Impossible meat-free burger are now $ 5.49 for waffles and $ 6.99 for a 12-ounce package. Price cuts are making meat substitutes cheaper than ever, but consumers will still pay more than double for an Impossible Burger, according to the USDA National Beef Sale Report For the week ending February 4th.

Outside of the United States, double discounts are also being offered for grocery store impossible products.

This is the first time a startup has lowered retail prices, but it is the third time in the past year that the company has permanently discounted products. Restaurant distributors received price cuts in 2020 and again in January.

In the past year, the number of supermarkets carrying Impossible Foods meat alternatives has increased by 113 times. It’s also in testing 47 Costco Wholesale locations, which could lead to more retail stores carrying their products.

The Coronavirus pandemic It sparked a new interest in meat alternatives, as more consumers turned to grocery stores for their food supplies, and the Covid-19 outbreak in meat packing factories led to some stock of meat products.

“Our plan wasn’t to move that fast in the retail trade last year until Covid hit,” President Dennis Woodside said in an interview.

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Impossible production capabilities have increased six times since 2019, helping it meet all this new demand. Woodside said the company’s manufacturing is becoming more efficient as it frequently runs its product lines and adds more shifts to its schedule. He also said that as Impossible Foods grow, so do their suppliers.

“They are able to pass the savings on to us,” he said.

Rival Beyond Meat is also lowering its prices as more competition enters the market. Last summer, it sold frozen packets of meatless burgers. Beyond’s shares rose 61% in the past year, giving the company a market value of $ 11.1 billion.

In addition to facing competition from other companies selling realistic meat alternatives, Impossible and Beyond may soon face price pressure from cell-based meat makers. Israel-based Future Meat Technologies said Monday it has lowered the cost of producing chicken breasts to $ 7.50. Singapore is so far the only country to have agreed to the sale Of laboratory-grown meat after permission was granted to eat only in December.

“Ultimately, what we are all competing with is the trillion pound industry, which is the current animal protein industry,” Woodside said.

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