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Impossible Foods cuts suggested food prices by 20% for grocery stores across U.S.

Read more at www.marketwatch.com

Impossible Foods said Tuesday it is cutting suggested retail prices for its plant-based meat substitute products by 20% for grocery stores across the U.S. The privately held company said the move comes with sales at a record high. The company’s products are available at 17,000 grocery stores in the U.S. The price cut will lower the suggested retail price for the Impossible Burger to $5.49 for patties and $6.99 for a 12-oz package, the company said in a statement. “Impossible Foods is strongly encouraging the roughly 17,000 grocery stores, supermarkets and retailers that sell Impossible Burger to pass the savings to consumers as soon as possible,” said the statement. Impossible Foods is introducing similar price cuts at stores in Canada, Singapore and Hong Kong and proposed cuts exceed 20% in some regions. “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,” Chief Executive and Founder Patrick O. Brown said in the statement.

Read more at www.marketwatch.com

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