Today’s price cut is just the latest step toward our goal of eliminating animals in the food system.”ĭr Pat Brown, CEO, Impossible Foods ‘Plant-based anxiety’Īsked about the competitive set in the plant-based meat segment - which is seeing major new entrants every month, from JBS, Cargill, Hormel and Nestlé to ramped up offerings from existing players such as Morningstar Farms, Lightlife, and Tofurky – Konrad said: “ 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. It will continue to make its 5lb bulk package of Impossible Burger for hand-formed menu items such as meatballs, tacos, chili and bolognese. Separately, Impossible Foods is also expanding its beef product lineup to foodservice customers to include quarter-pound patties (now at DOT Foods) and third-pound patties that will be available to order by restaurants nationwide. “ Right now, even with the price drop, we’re at about the same price as organic grass fed ground beef, per pound, but it’s important for us to get to the same price as 80:20 conventional beef and this is just the first price cut you’ll be seeing.” On affordability, however, there’s still more work to be done, she said. On versatility you can cook our product in exactly the same way you cook beef including in complex recipes such as lasagna, where other plant-based products can really disintegrate.” We’re at about the same price as organic grass fed ground beef, per pound On nutrition, we’ve got no cholesterol, no hormones, no antibiotics, no fecal matter, no trans fats, lower calories and lower saturated fat. “Our true competition is ground beef from cows , we’re competing with products from JBS and Cargill that come from cows, not plants, and we’re competing on every metric: taste, nutrition, versatility and affordability." Our goal is to transition the global food chain away from animal-based agriculture, and to do that you have to compete on price. We want to make our product ubiquitous, super mainstream, super mass market. “It’s true that a conventional company would increase prices on a very hot commodity product, and we’re doing the opposite. While firms don’t typically drop prices when demand is surging (Impossible Foods highlights “ skyrocketing” demand and “ hypergrowth” in its press release announcing the move), and conventional wisdom would caution against moves that might commoditise your product, the price cut reflects the company’s greater economies of scale and its mission to make plant-based meat a more accessible/affordable choice, as well as a more ethical/sustainable choice, chief communications officer Rachel Konrad told FoodNavigator-USA. Emulsifiers, stabilizers, hydrocolloids.
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