Impossible Foods on Tuesday announced an average 15 percent cut in prices of its vegan products sold to U.S. distributors as the plant-based meat maker works to make its patties more affordable to compete better with beef, according to a Reuters report.
Impossible Foods and Beyond Meat are aiming to cut prices for their plant-based meat items as they get ready to face competition from food giants like Nestle, Tyson, Cargill, and Smithfield Foods.
Plant-based fast food options are still more expensive on average than regular meat offerings, limiting their popularity. “We are asking our distributors to pass along the price cuts that average around 15 percent to restaurants,” said Dennis Woodside, Impossible Foods President. The move comes amid increasing demand for its flagship Impossible Burger served in thousands of restaurants, such as Burger King, Cheesecake Factory and Hard Rock Café among others.
Impossible Foods also said it would add several more beef-like products to its lineup. Both Impossible Foods and rival Beyond Meat have been scaling up partnerships with fast-food restaurants to tap environment-conscious diners.
Beyond Meat CEO Ethan Brown earlier expressed the company’s intent to price its products below animal protein at some point.
