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Tags: impossible foods | meat alternative | beef | grocery stores | retail | beyond burger

Impossible Foods Trims Its Retail Prices to Compete With Beef

impossible foods booth is shown with people walking in to try food samples
Attendees visit the Impossible Foods booth on January 8, 2020 at the 2020 Consumer Electronics Show in Las Vegas, Nevada. (Robyn Beck/Getty Images)

Tuesday, 02 February 2021 06:49 AM

Impossible Foods Inc., the maker of the eponymous soy-based meat alternatives, is cutting its suggested retail prices by 20% at U.S. grocery stores in its ongoing push to compete with real beef.

  • Impossible attributes price cut to growth and economies of scale and will carry out more reductions going forward.
  • Discount follows an approximately 15% reduction for foodservice distributors in January.
  • New suggested retail prices for Impossible Burger will range from $5.49 for patties to $6.99 for a 12-oz. package, while organic ground beef sold for an average of $8.43 per pound from Jan. 29 through Feb. 4, according to the USDA.
  • Impossible’s main competitor, Beyond Burger, currently retails for a suggested price of $5.99 for two quarter-pound patties.
  • Cutting prices is important to get people to try Impossible and then buy it again, Impossible Foods President Dennis Woodside said.
  • Woodside: “Pricing has to match pricing for beef” and “we’ll be able to do that over time.”
  • Impossible has expanded its grocery reach from about 150 stores a year ago to about 17,000 current locations, including major chains like Target, Albertsons, and Walmart.
  • Grocery rollout has been accelerated by the pandemic, Woodside said.

© Copyright 2022 Bloomberg News. All rights reserved.


StreetTalk
Impossible Foods Inc., the maker of the eponymous soy-based meat alternatives, is cutting its suggested retail prices by 20% at U.S. grocery stores in its ongoing push to compete with real beef. Impossible attributes price cut to growth and economies of scale and will carry...
impossible foods, meat alternative, beef, grocery stores, retail, beyond burger
193
2021-49-02
Tuesday, 02 February 2021 06:49 AM
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