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Impossible Foods lowers grocery store prices amid pandemic-fueled retail expansion

Impossible Foods lowers grocery store prices amid pandemic-fueled retail expansion CNBC 2/2/2021 Impossible Foods is cutting its suggested retail price for grocery stores by 20%. The company is trying to achieve price parity with beef products, which still cost less than half of what Impossible charges for its meat substitutes. The number of retailers carrying Impossible s products has increased by 113 times over the last year, fueled by changes in consumer behavior stemming from the coronavirus pandemic. © Provided by CNBC A customer picks up a package of Impossible Burger plant based meat during the Impossible Foods Inc. grocery store product launch at Gelson s Markets in Los Angeles, California, U.S., on Friday, Sept. 20, 2019.

Impossible Foods slashes prices to retailers: We intend to keep lowering prices until we undercut those of ground beef from cows

Subscribe Impossible Foods slashes prices to retailers: We intend to keep lowering prices until we undercut those of ground beef from cows By Elaine Watson While cutting prices (and denting margins) when demand is apparently “ skyrocketing​” is unorthodox, the moves reflect Impossible Foods’ growing economies of scale and mission to make plant-based meat more affordable, claims Impossible Foods, which ultimately aims to match, and then undercut, the price of conventional meat.  And there’s still some way to go on that front, acknowledged the Redwood City, CA-based company, which now sells its wares in around 30,000 foodservice locations and 17,000 retail stores from Walmart to Trader Joe’s. 

Impossible Foods cuts prices for its plant-based meat offerings

Patrick T. Fallon/Getty Images This story is part of a group of stories called Finding the best ways to do good. In the past few years, meatless meat products have taken off among consumers. But the meatless meat market is still only about 1 percent of the meat market. One of the biggest reasons: Plant-based meat products are considerably more expensive. There are signs, though, that that’s changing. Impossible Foods products on grocery store shelves should get about 20 percent cheaper in upcoming weeks, the company announced Tuesday morning. The company will suggest to retailers that prices drop to $5.49 (from $6.99) for a two-patty package and $6.99 (from $8.99) for a 12-oz. package of ground Impossible beef in the US (actual prices will vary by location and by retailer).

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