Impossible Foods cuts prices of plant-based meat to distributors

[March 03, 2020]   (Reuters) - Impossible Foods on Tuesday announced an average of 15% cut in vegan product prices to distributors in the United States and asked them to pass it on to restaurants as the plant-based meat maker competes against beef products.

A chef makes hamburgers out of plant-based meat by Impossible Foods at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. REUTERS/Aly Song

The move comes amid increasing demand for its flagship Impossible Burger served at thousands of restaurants, including Burger King, Red Robin, Cheesecake Factory and Hard Rock Cafe among others.

The company said the price cuts would not affect its products available at about 150 retail stores.

Last week, Walt Disney Co said it would serve Impossible Foods' burgers at its theme parks, resorts and cruise liners.

"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," Chief Executive Officer Patrick Brown said.

"Today's price cut is just the latest step toward our goal of eliminating animals in the food system."

Both Impossible Foods and rival Beyond Meat <BYND.O> have been scaling up partnerships with fast-food restaurants to reach environment-conscious diners.

(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)

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