For the second time in a year, Impossible Foods announced a price cut on its meat-alternative products, urging wholesalers to pass that cost-saving on to consumers.
The 15 percent price cut announced Wednesday will bring the lowest possible price for an Impossible Burger to about $6.80 per pound in the U.S. Even with that discount, the Impossible plant-based burger will still be more than double the price of traditional ground beef per pound.
Impossible Foods, which competes against start-up Beyond Meat, has several retail and restaurant partners in the U.S., including Burger King, Starbucks and White Castle.
Prices are also going down in international markets.
The price cuts come amid surging demand for the meat alternative, which grew even stronger during the health crisis, as animal-meat producers struggled with production shutdowns to curb sickness on factory floors...which led to meat shortages at supermarkets.
With demand high and production increasing six-fold since 2019 in order to keep up - Impossible Foods says the business model can now sustain another price reduction.
And, according to a statement from CEO Patrick Brown - more price cuts are coming - as he aims to bring the price of alternative meat low enough to undercut the price of farm-based meat.