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Impossible Foods cuts wholesale price again to compete with meat industry

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Impossible Burger will now cost distributors $6.80 per pound. That pricing is lower than the average cost of a 90% ground beef patty, which costs $9.21 per pound.

CORTNEY MOORE: Impossible Foods has cut the wholesale price for its plant-based “meat” once again. A spokesperson for the company confirmed… that this is the second time Impossible Foods has lowered the price during the last 12 months to compete with the traditional meat market.

The price cut has been set at 15% on average for foodservice distributors that provide Impossible Foods products to restaurants in the U.S., which the company hopes will lower the cost for menu items that use its plant-based “meat.” Driving down the cost of Impossible Foods-based menu items at restaurants would reportedly help the company challenge the meat industry.

The brand’s Impossible Burger will cost food distributors $6.80 per pound after the latest price cut takes effect… That pricing is lower than the average cost of a 90% ground beef patty, which costs $9.21 per pound, according to the latest USDA National Monthly Grass Fed Beef Report.

“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…

Impossible Foods is not stopping at lowering its wholesale cost in the U.S. The company is cutting prices for distributors in Canada, Singapore, Hong Kong and Macau by an unspecified “double-digit.” The international price cuts will be rolled out this month and vary by location, but will “apply to all Impossible foodservice products sold overseas,” according to Impossible Foods’ spokesperson…

If food distributors and restaurants follow Impossible Foods’ lead in lowering the cost of plant-based “meat,” that could mean good news for consumers who frequent Burger King, The Cheesecake Factory, Red Robin, Qdoba, Umami Burger and Wahl Burgers. Impossible Foods is also the plant-based flagship brand for Walt Disney World Resort, Disneyland Resort and Disney Cruise Line. SOURCE…

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