(Bloomberg) -- Impossible Foods Inc., the maker of the eponymous soy-based meat alternatives, is cutting its suggested retail prices by 20% at U.S. grocery stores in its ongoing push to compete with real beef.
- Impossible attributes price cut to growth and economies of scale and will carry out more reductions going forward
- Discount follows an approximately 15% reduction for foodservice distributors in January
- New suggested retail prices for Impossible Burger will range from $5.49 for patties to $6.99 for a 12-oz. package, while organic ground beef sold for an average of $8.43 per pound from Jan. 29 through Feb. 4, according to the USDA
- Impossible's main competitor, Beyond Burger, currently retails for a suggested price of $5.99 for two quarter-pound patties
- Cutting prices is important to get people to try Impossible and then buy it again, Impossible Foods President Dennis Woodside said
- Woodside: “Pricing has to match pricing for beef” and “we'll be able to do that over time”
- Impossible has expanded its grocery reach from about 150 stores a year ago to about 17,000 current locations, including major chains like Target, Albertsons and Walmart
- Grocery rollout has been accelerated by the pandemic, Woodside said
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