Impossible Foods Slashes Prices Again in a Bid to Catch Beef
- Makers of substitute meat are bidding to capture more market
- Beef prices have slumped after hitting a record last May
Once a hard-to-find item, Impossible products are now on menus at national chains such as Starbucks and Burger King.
Photographer: Patrick T. Fallon/BloombergImpossible Foods Inc., maker of the eponymous soy-based meat alternatives, is cutting prices for food-service distributors for the second time in a year as part of its push to better compete price-wise with traditional ground beef.
The company is dropping prices by an average of 15% for distributors in the U.S., making the lowest price for its burger product $6.80 per pound, according to Impossible spokesperson Rachel Konrad. That’s still more than three times the price of ground beef, its stated competitor -- beef that’s 81% lean is selling for about $1.86 per pound wholesale, according to U.S. Department of Agriculture data. But it lets Impossible’s meat compete on price with higher end beef products, like grass-fed.