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The
price cut is its second in a year and the California-based
company is asking distributors to pass on the savings to
restaurants and consumers.
The Beyond Meat rival has tied up with several restaurants
including Burger King, Starbucks and White Castle, and expanded
its retail footprint to thousands of stores across the United
States last year.
With the latest cut, the lowest possible price to distributors
for the Impossible Burger would be $6.80 per pound, but it is
still significantly higher than ground beef prices which range
from about $2 to $3 per pound for low fat and non-organic
varieties, according to the United States Department of
Agriculture.
Impossible Foods Chief Executive Officer Patrick Brown in a
statement noted the price cut is "not the last".
The company, known for its vegan patties that taste and cook
like real meat, said it is also lowering prices for distributors
in Canada, Singapore, Hong Kong and Macau, with varying cuts
based on the region.
Demand for plant-based meat has risen during the pandemic after
beef and pork producers shut many meat plants to curb the rapid
spread of the coronavirus outbreak. Impossible Foods said
production has increased six-fold since 2019.
(Reporting by Nivedita Balu in Bengaluru; Editing by Krishna
Chandra Eluri)
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