Impossible Foods is starting the year off right for those in the foodservice sector as it recently announced it will be cutting prices on its open-coded products globally for foodservice distributors who sell to restaurants.
“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. “Less than a year ago, we cut foodservice prices by 15 percent. Today’s price cut is just the latest—not the last—step toward making the food system sustainable. Stay tuned.”
Due to continued production records, the company is lowering prices on average by approximately 15 percent on its open-coded foodservice products in the United States, including its quarter-pound (4 oz) and third-pound (5.33 oz) Impossible Burger patties, versatile 5 lb Impossible Burger bulk packages, and Impossible™ Sausage Made From Plants patties.
According to the company’s release, Impossible Foods is also lowering prices for distributors in Canada, Singapore, Hong Kong, and Macau. The double-digit international price cuts, which vary by location and begin rolling out this month, apply to all Impossible foodservice products sold overseas.
“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,” said Impossible Foods President Dennis Woodside. “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.”
This second domestic price cut in the last year from Impossible Foods comes amid record global demand for Impossible Burger, which tastes like beef and is hailed as a triumph of food engineering. Impossible™ Sausage debuted a year ago; within six months, the savory patties were available at more than 20,000 locations throughout the United States.
For more information, click here for the full press release.
As the innovator makes waves in the foodservice sector, will consumers soon see similar tides in-store? Deli Market News will report.