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Impossible Foods said Tuesday that it would cut suggested retail prices on its plant-based meat by 20%.
It used data gleaned from DTC sales over the past several months to plan the cut, an executive said.
Impossible and rival Beyond Meat are trying to make plant-based meat costs competitive with animal meat.
The coronavirus forced Impossible Foods to rethink its distribution strategy, shifting more of its plant-based burgers, grounds, and other products to sales channels other than restaurants.
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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).