Impossible Foods is slashing the price of its plant-based meat to compete with the cost of beef.
The food-tech brand said last week it will reduce the price of its meat-free patties by 20 percent in US grocery stores.
It will also implement similar reductions in retail stores across the world such as Canada and Hong Kong. The move is Impossible’s third double-digit price reduction in the past 12 months.
Suggested retail prices for the Impossible Burger are now $5.49 for patties and $6.99 for a 12-ounce pack.
Price parity with ground beef
“If anything during the pandemic, consumers have shown an increasing hunger for our product because they can’t go to restaurants and they’re more health-conscious. Today’s price cut is merely our latest — not our last.”
Last year, the brand revealed it is working on a vegan alternative to cow’s milk.
The dairy-free product does not yet have a name or release date (though some reports are predicting it will be called Impossible Milk).
According to Impossible Foods, the product is not necessarily an alternative to plant milks, but rather aimed at consumers who prefer cow’s milk. The product will offer the same flavor, mouthfeel, applications, and texture, but without involving cows.