Impossible Foods announces price cuts to all retail products worldwide

Plant-based meat provider Impossible Foods has announced a 20% cut to its suggested grocery prices in the US, with similar suggested price cuts encouraged to retail stores in Hong Kong, Canada and Singapore. While the cuts vary from region to region, they apply to all Impossible retail products.

The goals of the move are two-fold: according to Impossible Foods, the company is seeing all-time sales records and wishes to "pass the savings to consumers as soon as possible" while also pursuing more competitive pricing with the animal meat industry. The company aims to continue lowering prices until it can fully undercut the price of ground beef from cows, with a long-stated goal of removing animals from of the food production chain by 2035.

It's the second discount this month offered by Impossible Foods, which cut its global prices on 6 January by 15% for wholesalers that distribute to restaurants.

Impossible Foods was founded in 2011, and has since raised over US$1.3 billion in funding, counting Hong Kong business magnate Li Ka-shing's Horizons Ventures and Singapore's Temasek Holdings among a portfolio of investors that also includes Serena Williams, Jay-Z, and Zedd. In 2020, the company announced that Hongkongers alone saved over 1.7 million litres of water and 140,049 square metres of land by choosing the company's plant-based meat dishes over animal meats.

"Our plan is to reverse global warming and halt our planet’s extinction crisis by making the food system sustainable. To do that, we need to make meat better in every way that matters to consumers—taste, nutrition, convenience and affordability," said Impossible CEO and founder Dr. Patrick O. Brown.

"With economies of scale, we intend to keep lowering prices until we undercut those of ground beef from cows. Today’s price cut is merely our latest — not our last."

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