REDWOOD CITY, CALIF. – Impossible Foods has reduced the suggested retail price of its Impossible Burger by 20% in the United States, to $5.49 for a 12-oz package. The price cut is in response to market growth and added scale, according to the company.
“Our plan is to reverse global warming and halt our planet’s extinction crisis by making the food system sustainable,” said Patrick O. Brown, PhD, MD, founder and chief executive officer. “To do that, we need to make meat better in every way that matters to consumers — taste, nutrition, convenience and affordability. 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.”
The average retail price of a pound of ground beef in the United States during December 2020 was $3.95, according to the US Bureau of Labor Statistics. That places the price of 12 ozs of ground beef at $2.96 in December.
Impossible Foods also is lowering the suggested retail price of the Impossible Burger internationally, including in such markets as Canada, Hong Kong and Singapore. The reduction varies by market.
Earlier this month the company reduced the price of its Impossible Burger patties, 5-lb Impossible Burger bulk packages and Impossible Sausage sold at foodservice by 15%.
The growth of Impossible Foods has been rapid. One year ago, the Impossible Burger was sold in approximately 150 grocery stores nationwide. Today, the product is available in approximately 17,000 stores. Production has increased sixfold since 2019, from a manufacturing plant in Oakland, Calif., to extend to multiple co-manufacturers, according to the company.