Impossible is cutting the price of its meat-free products
Not everyone can afford the more expensive Impossible Whopper
More and more people are either looking to eat less meat or are going vegan entirely. And there are plenty of products out there now that make going meat-free easier (not to mention tastier) than ever before.
But there’s still a big problem: the cost.
Not everyone can try the products of one of the more popular plant-powered alternatives, Impossible, because of the higher price point.
As a result, Impossible Foods have just announced that they’re cutting wholesale prices on its products by 15% on average.
According to CNBC, the company has been able to make the price cut because of manufacturing efficiencies and achieving greater economies of scale.
The move comes amid increasing demand for the Impossible Burger. It is now served at thousands of restaurants including Burger King, Red Robin, Qdoba, Cheesecake Factory and Hard Rock Cafe. Impossible Burger was recently named the official plant-based burger of Walt Disney World Resort, Disneyland Resort and Disney Cruise Line.
Impossible is a privately held company and does not release its finances; though its publicly traded competitor Beyond Meat recently saw its revenue triple compared to a year earlier.
Impossible has been providing Burger King with its meat-free Whopper for a while now, and in January it added the Impossible Whopper to its two for $6 deal.
“We know that the premium price point has limited some guests from trying the Impossible Whopper,” Restaurant Brands (which runs BK) CEO Jose Cil said.
“We launched Impossible Burger at America’s top restaurants, and we still enjoy a premium reputation among the world’s best chefs and gourmets,” said Impossible Foods’ CEO Dr. Patrick O. Brown. “But our stated goal since the founding of the company 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. Today’s price cut is just the latest step toward our goal of eliminating animals in the food system.”
As for Beyond, its CEO Ethan Brown recently said that they are aiming for price parity with animal meat in at least one of its product categories by 2024.
It’s not just Beyond and Impossible on the market now, though. Those companies are facing increasing competition from traditional food companies and meat producers making meat-free products, but which already benefit from efficient supply chains and massive scale.