Impossible Foods cuts prices

Impossible Foods is cutting wholesale prices for its vegan products by an average of 15% in the United States. It's asking its distributors to pass that on to restaurants.

Its flagship Impossible Burger is served at thousands of restaurants like Burger King, Red Robin and Cheesecake Factory amid increased demand for alternative meat. Just last week, Disney said it would offer Impossible Burgers at its theme parks, resorts, and cruise liners.

The move also comes amid heightened competition. Big companies like Cargill, Smithfield Foods and Nestle are entering the arena to produce plant-based patties.

Impossible Foods says it aims to eventually undercut the price of conventional ground beef.

The company said the price cuts will not affect its products sold at retail stores.

Impossible Foods is privately owned. Shares of its publicly traded rival, Beyond Meat, rose Tuesday morning.