GLOBAL Impossible Foods to lower prices by double-digits January 2021
US-based Impossible Foods has announced plan to lower the prices of its products by double digits for distributors in Singapore, Canada, Hong Kong and Macau.
The price cuts, which vary by location and will take effect in January apply to all Impossible foodservice products sold overseas.
In the US, the group is also lowering prices by around 15% on its open-coded foodservice products, marking its second domestic price cut since March 2020. This includes the quarter-pound and third-pound Impossible Burger patties, the 5-pound Impossible Burger bulk packages, and Impossible Sausage Made From Plants patties.
The price cut comes amid record global demand for Impossible Burger, said the group. Impossible Sausage, launched a year ago, was made available at more than 20,000 locations across the US within 6 months.
Production has also increased 6-fold since 2019, both at the group's manufacturing facility in Oakland, California, and at multiple plants owned by co-manufacturing partners.
Patrick Brown, Impossible Foods CEO said, “Less than a year ago, we cut foodservice prices by 15%. Today's price cut is just the latest - not the last - step towards making the food system sustainable.”
The group said its growth has allowed it to achieve economies of scale and therefore, cost savings that it plans to pass to business partners and consumers.
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