Impossible Foods is cutting RRPs by 20 per cent for grocery stores in core markets, its third double-digit reduction in less than a year.
The price cut comes as the plant-based protein maker achieves production records and new economies of scale.
The price cuts will be implemented on frozen faux meats in the US, Singapore, Hong Kong and Canada, before taking effect in other markets.
According to the company, production has increased sixfold since 2019, both in Oakland and at multiple plants owned by co-manufacturing partners. The company said it will eventually undercut the price of ground beef.
Demand for plant-based meat has surged during the Covid-19 pandemic as people are more concerned about their health, the environmental impact of livestock farming and animal welfare.
“Our plan is to reverse global warming and halt our planet’s extinction crisis by making the food system sustainable,” said Patrick O Brown, CEO and founder of Impossible. “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.”
Last month, Impossible Foods cut wholesale prices for the second time within a year, with 15 per cent reduction in the US and by double-digit rates in Asia.