The plant-based sector has seen remarkable growth in recent years, and Impossible Foods is one innovative leader that’s driving that momentum. With sales at an all-time high, the plant-based company has recently announced it is cutting prices by 20 percent for 17,000 grocery stores in the United States.
“Our plan is to reverse global warming and halt our planet’s extinction crisis by making the food system sustainable. To do that, we need to make meat better in every way that matters to consumers—taste, nutrition, convenience, and affordability,” said CEO and Founder Dr. Patrick O. Brown. “With economies of scale, we intend to keep lowering prices until we undercut those of ground beef from cows. Today’s price cut is merely our latest—not our last.”
According to the release, Impossible Foods plans to keep lowering prices as it achieves new production records and economies of scale. The latest price cut is the third double-digit reduction from Impossible Foods in less than a year. Last month, the company cut prices on average about 15 percent for foodservice distributors that sell to restaurants.
With this recent price cut, the company’s suggested retail prices for Impossible Burger to $5.49 for patties and $6.99 for a 12 oz. package. Impossible Foods is strongly encouraging the roughly 17,000 grocery stores, supermarkets, and retailers that sell Impossible Burger to pass the savings to consumers as soon as possible.
“While we would not and could not require grocery stores to cut prices, grocery store customers and distributors are in fact consistently passing along our economies of scale to their own customers,” said President Dennis Woodside. “Impossible products are becoming increasingly affordable, and this, in turn, is accelerating our rapid retail growth. It’s a virtuous cycle for our customers, consumers, and the planet.”
Impossible Burger is currently available at Albertsons, Kroger, Publix, Safeway, Sprouts, Target, Trader Joe’s, Walmart, Wegmans, and many others, as well as online platforms including Amazon Fresh, Walmart.com, Kroger.com, Farmstead, and Imperfect Foods.
For more information on Impossible Foods’ latest initiative, click here.
Stay up to date with the latest industry news with Deli Market News.