In an attempt to eventually undercut the price of ground beef, Impossible Foods on Tuesday announced it would slash the prices of its faux meat patties by 20% at U.S. grocery stores as it ramps up production of its plant-based products.
As consumers look for healthier, more environmentally friendly alternatives to meat, Impossible Foods along with its rival Beyond Meat have emerged as the leaders in the plant-based meat space for the past two years.
Demand for plant-based products also rose during the health crisis after some beef and pork producers were forced to close.
California-based Impossible Foods, which has already cut prices for food distributors twice in one year, said it would keep lowering prices of its products.
The company said in a statement that the suggested retail price for Impossible Burger would drop to $5.49 per 12 oz package in about 17,000 U.S. grocery stores, adding that it will introduce similar price cuts at retail stores in Canada, Singapore and Hong Kong.