Redwood City / CA. (ifi) Thanks to tremendous growth and economies of scale over the past year, Impossible Foods Inc. is cutting suggested retail prices by 20 percent for grocery stores throughout the United States.
The price cuts bring the company’s suggested retail prices for Impossible Burger to USD 5.49 for patties and USD 6.99 for a 12-ounces package. On-shelf prices may vary depending on location and retailer.
Impossible Burger was sold in about 150 grocery stores one year ago; it’s now available in approximately 17,000 grocery stores nationwide – a more than 100X increase in Impossible Foods’ retail footprint. Production has increased sixfold since 2019, both in Oakland and at multiple plants owned by co-manufacturing partners.
«Our plan is to reverse global warming and halt our planet’s extinction crisis by making the food system sustainable. To do that, we need to make meat better in every way that matters to consumers-taste, nutrition, convenience and affordability,» said Impossible CEO and Founder Dr. Patrick O. Brown. «With economies of scale, we intend to keep lowering prices until we undercut those of ground beef from cows. Today’s price cut is merely our latest – not our last.»
Impossible Foods is introducing similar price cuts internationally at retail stores in Canada, Singapore and Hong Kong. The double-digit international price cuts, which vary by location and apply to all Impossible retail products sold overseas, exceed 20 percent in some regions.
The latest price cut is the third double-digit reduction from Impossible Foods in less than a year. Last month, the company cut prices on average about 15 percent for foodservice distributors that sell to restaurants.
