Impossible Foods Inc., maker of the eponymous soy-based meat alternatives, is cutting prices for food-service distributors for the second time in a year as part of its push to better compete price-wise with traditional ground beef.
The company is dropping prices by an average of 15% for distributors in the U.S., making the lowest price for its burger product $6.80 per pound, according to Impossible spokesperson Rachel Konrad. That’s still more than three times the price of ground beef, its stated competitor — beef that’s 81% lean is selling for about $1.86 per pound wholesale, according to U.S. Department of Agriculture data. But it lets Impossible’s meat compete on price with higher end beef products, like grass-fed.
Price has always been a question mark in the future of imitation meat products, which have grown increasingly similar to meat in taste and texture but retain a markup over their animal-based competition. Wholesale beef prices that had surged to a record last May due to plant shutdowns have since come back down.
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