Reading time: minute
Impossible Foods is reducing the price of its vegetable meat to compete with the price of beef.
The food tech brand announced last week that it would reduce the price of its meatless patties by 20% in U.S. grocery stores.
It will also implement similar discounts at retail stores around the world, such as Canada and Hong Kong. This is Impossible’s third double-digit price reduction in the past 12 months.
The suggested retail prices for the Impossible Burger are now $ 5.49 for the patties and $ 6.99 for a 12-ounce pack.
Price parity with ground beef
Dennis Woodside is the president of Impossible Foods. He said MarketWatch: âWe want to eventually achieve price parity with the prices of minced meat.
âIf anything during the pandemic, consumers have shown an increasing hunger for our product because they cannot go to restaurants and they are more health conscious. Today’s price drop is just our latest, not the last.
Last year, the brand revealed it was working on a vegan alternative to cow’s milk.
The dairy-free product does not yet have a name or release date (although some reports predict it will be called Impossible Milk).
According to Impossible Foods, the product is not necessarily an alternative to plant-based milks, but rather is aimed at consumers who prefer cow’s milk. The product will offer the same flavor, mouthfeel, applications and texture, but without involving the cows.