Impossible Foods Cuts Prices Of Plant-Based Meat Sold To Distributors
Impossible Foods has announced an average 15% cut in prices of its vegan products sold to US distributors as the plant-based meat maker tries to make its patties more affordable to compete better with beef.
Plant-based fast food options are still more expensive on average than regular meat offerings across restaurants, limiting their popularity.
"We are asking our distributors to pass along the price cuts that average around 15% to restaurants," Impossible Foods president Dennis Woodside said.
Impossible Foods added that the price cuts will not affect its products sold at approximately 150 retail stores.
The move comes amid increasing demand for its flagship Impossible Burger, which is served in thousands of restaurants, including Restaurant Brands International Inc's Burger King, Red Robin Gourmet Burgers Inc, Cheesecake Factory Inc and Hard Rock Café among others.
Impossible Foods also said that it will add several more beef-like products to its lineup, including quarter-pound and third-pound Impossible Burger patties.
Impossible Foods has been scaling up partnerships with fast-food restaurants to tap environment-conscious diners.