[Press Release] Impossible Foods Delivers Double-Digit Price Reductions for the Second Time in One Year with Increasing Economies of Scale

Hong Kong (Jan. 7, 2021) – Thanks to continued production records, Impossible Foods is kicking off the new year by cutting prices on its open-coded products globally for foodservice distributors who sell to restaurants.

Impossible Foods is lowering prices on average by approximately 15% on its open-coded foodservice products in the United States, including its quarter-pound (4 oz) and third-pound (5.33 oz) Impossible Burger patties, versatile 5-pound Impossible Burger bulk packages, and Impossible™ Sausage Made From Plants patties.

Impossible Foods is also lowering prices for distributors in Canada, Singapore, Hong Kong and Macau. The double-digit international price cuts, which vary by location and begin rolling out this month, apply to all Impossible foodservice products sold overseas.

Impossible Foods’ second domestic price cut in the last year comes amid record global demand for Impossible Burger, which tastes like beef and is hailed as a triumph of food engineering. Impossible™ Sausage debuted a year ago; within six months, the savory patties were available at more than 20,000 locations throughout the United States.

Demand for Impossible products continues to skyrocket — even as the food tech startup continues to achieve new production records at its manufacturing facility in Oakland, Calif. Production has increased sixfold since 2019, both in Oakland and at multiple plants owned by co-manufacturing partners.

The company’s hypergrowth has profound implications for the environment and enables Impossible Foods to achieve economies of scale — cost savings that Impossible Foods plans to keep passing along to business owners and consumers.

“Our stated goal since Impossible Foods’ founding 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,” said Impossible Foods CEO and Founder Dr. Patrick O. Brown. “Less than a year ago, we cut foodservice prices by 15%. Today’s price cut is just the latest — not the last — step toward making the food system sustainable. Stay tuned.”

Impossible appeal: Pass savings to small business owners and their customers

Similar to Impossible Foods’ initial price cut in March, the company is again asking its distributors to pass along the savings to hardworking restaurateurs, who can then lower prices for their customers as well.

Like many food companies, Impossible Foods does not typically own or operate the final point of sale for its products — grocery stores, restaurants, cafeterias, theme parks and other venues. Instead, Impossible Foods sells most of its foodservice products in the United States directly to redistributor DOT Foods, which operates multiple warehouses; DOT Foods in turn sells to numerous food distributors (such as US Foods, Sysco and many others). Those distributors determine the prices that restaurants pay, and the restaurants in turn determine the final menu price for consumers.

“While we couldn’t and wouldn’t determine pricing for independent third parties, we sincerely hope our food distributor colleagues pass along this price cut to hard-working restaurateurs and their customers in this unprecedented time of need,” said Impossible Foods President Dennis Woodside, who oversees numerous functions including sales. “As unemployment remains stubbornly high and the effects of COVID-19 continue to ravage the economy, it’s imperative to provide affordable, delicious and sustainable food to restaurants and the public.”

Mission matters most

Already considered the world’s No. 1 environmental startup, Impossible Foods’ mission is to help solve the planet’s climate and extinction crises. The company is helping to turn back the clock on global warming and restore biodiversity by making the global food system sustainable.

Impossible Foods’ best known achievement to date, Impossible Burger, tastes like beef and is considered a triumph of food engineering — the result of nearly a decade of basic science and hard-core research and development. (Some prominent Texas ranchers can’t tell the difference between Impossible Burger and ground beef from cows; a beef lobbyist called it the “real deal” and a “wake-up call” for the livestock sector.)

Impossible Burger has already started to displace sales of animal-derived foods, whose production is one of the biggest generators of greenhouse gas emissions and the leading driver of the global meltdown in wildlife. Impossible Burger has higher levels of many micro-nutrients than ground beef and requires a tiny fraction of the world’s precious resources to produce.

Delicious, nutritious, sustainable — and insanely popular

Impossible Burger debuted in 2016 at some of America’s most acclaimed restaurants. It soon became a popular menu item at the world-class establishments of chefs such as David Chang, Traci Des Jardins, Chris Cosentino, Frédéric Morin, Mark McEwan, Matty Matheson, David Myers, Gordon Ramsay, Wolfgang Puck and May Chow. Impossible Burger was named top plant-based burger by the New York Times and received the Food and Beverage (FABI) Award from the National Restaurant Association.

Impossible Burger has as much bioavailable iron and protein as a comparable serving of ground beef from cows, and includes macronutrients like fiber and micronutrients like folate, B12, thiamin and iron. The quarter-pound patty has 0 mg cholesterol, 14 grams of total fat, 8 grams of saturated fat, and 240 calories; the third-pound patty has 0 mg cholesterol, 19 grams of total fat, 11 grams of saturated fat, and 320 calories. (A conventional “80/20” patty from cows has 80 mg cholesterol, 23 grams of total fat, 9 grams of saturated fat, and 290 calories in a quarter-pound patty, and 110 mg cholesterol, 30 grams of total fat, 11 grams of saturated fat, and 390 calories in a third-pound patty.)

Impossible Burger contains no animal hormones or antibiotics and is gluten-free certified. It uses 96% less land, 87% less water and 89% less greenhouse gas emissions to produce compared to conventional beef from cows — environmental benefits that also translate to economic efficiencies.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
audrey

RELATED POSTS

Squid Game

Squid Game and Its Lessons on Entrepreneurship

With the massive media buzz the South Korean series “Squid Game” has been getting, you would have to live under a rock to not know about it. It is so popular that a South Korean broadband firm has sued Netflix over the surge in network traffic.

What Is Biotechnology

What Is Biotechnology and How to Start a Biotech Company?

To say that Covid has been a biological nightmare for the world is an understatement. In a bid to wake up from it, companies and investors have turned their attention to science, medicine and innovation—or simply, biotechnology. With vaccines and cures becoming the need of the hour, BioTech rose like never before.

Netflix

Netflix Forays into Video Games with Night School Studio Acquisition

On September 28, 2021, streaming service Netflix announced its first game-related acquisition: Night School Studio. The studio is best known for its game “Oxenfree”, which is a supernatural teen thriller. In a bid to diversify its offerings, Netflix has also released five mobile-friendly video games in Europe (i.e. Spain, Italy and Poland).

Chloe NFT

Side-eyeing Chloe NFT Sold for US$76,377.50

In 2013, the then two-year-old Chloe Clems went viral as her hilarious side-eyeing expression made her into a beloved internet meme. In her meme avatar, little Chloe has ruled over the hearts of many a Twitter and Reddit enthusiast and has been dubbed the “Patron saint of Tumblr” by Buzzfeed.

What Are the Threats of Using Social Media

What Are the Threats of Using Social Media?

Social media has become a part of our everyday lives. As of September 2021, the largest social media platform Facebook has over 2.89 billion active users monthly. With people across the world relying heavily on social media platforms, it is expected that some of them would exploit these platforms for negative purposes as well.

Maker in China Fueling Hong Kong’s Startup Spirit

Maker in China: Fueling Hong Kong’s Startup Spirit

On September 17, 2021, the “Maker in China” SME Innovation and Entrepreneurship Global Contest 2021 Grand Final was held in Guangzhou, China. MAD Gaze, a Cyberport incubatee specializing in augmented reality smart glasses, was declared the winner of the championship.