After slashing wholesale prices, Impossible Foods has now cut prices by 20% for grocery stores across the U.S., making their famous heme-filled plant-based patties cheaper for the average American consumer shopping at major chains like Walmart, Kroger and Safeway. It comes after the food tech reported record sales, which it says will continue to drive down prices to ultimately “undercut the price of ground beef from cows”.
Shortly after cutting its wholesale prices by double-digits globally last month, Impossible Foods is yet again making its plant-based burgers more affordable to consumers by dropping its suggested retail prices by 20% for U.S. grocery chains. The company currently sells its products at over 17,000 supermarkets in the country, including major retailers such as Walmart, Wegmans, Target, Trader Joe’s and Kroger, as well as on e-commerce sites like Amazon Fresh.
We intend to keep lowering prices until we undercut those of ground beef from cows.Patrick Brown, Founder & CEO, Impossible Foods
The price cut of their Impossible Burger will translate into suggested retail at US$5.49, and US$6.99 for its 12-ounce packages. In a statement on Tuesday (February 2), the company says it is “strongly encouraging” its retailers to “pass the savings to consumers as soon as possible”.
For international markets, Impossible Foods will introduce “similar price cuts” in its stores across Canada, Singapore and Hong Kong. Though the company did not disclose exact figures, the lowered costs will “vary by location” and may “exceed 20% in some regions”.
The latest news is the third reduction in prices that Impossible Foods has made within a year, which it says is driven by record-breaking sales. Despite the economic fallout from the pandemic, the brand experienced its “largest operational expansion” in its 10-year history, thanks to the mass shift away from conventional meat triggered by coronavirus-related supply chain shocks and renewed concerns about food safety, health and sustainability.
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.Dennis Woodside, President, Impossible Foods
According to the company’s data, 92% of sales of its famous plant-based burger is directly displacing animal-derived meats, which has meant huge environmental savings, given the burden that animal agriculture has on the planet. Impossible Foods’ sustainability-focused mission has recently won them headlines with renowned climate expert and international diplomat Christiana Figueres, who formerly led the U.N. Paris agreement talks, joining its board.
Impossible Foods’ founder and CEO Patrick Brown says that with greater demand, the company will be able to ramp up production of its plant-based meat and reach economies of scale to compete with conventional meat products.
“We need to make meat better in every way that matters to consumers — taste, nutrition, convenience and affordability. We intend to keep lowering prices until we undercut those of ground beef from cows.”
“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,” added Dennis Woodside, president of Impossible Foods.
All images courtesy of Impossible Foods.