Impossible Foods Success Scaling Drops Price

Consumers have decided that they like planted-based protein. In fact, The Good Food Institute (GFI) and the Plant Based Foods Association shows U.S. retail sales of plant-based foods continued to increase by double digits in 2019, growing 11 percent and bringing the total plant-based market value to $5 billion.

Now thanks to month-over-month production records and new economies of scale, Impossible Foods is expanding its product lineup and dropping prices just like the Grocerant Guru® predicted and customer adoption and migration to plant-based food has well exceed his predictions.   

Impossible Foods’ cut its current U.S. foodservice products prices to distributors by 15 percent on average. The move comes amid increasing demand for the flagship Impossible Burger, now served at thousands of restaurants including Burger King, Red Robin, Qdoba, Cheesecake Factory and Hard Rock Cafe. Last week, Impossible Burger was named the official plant-based burger of Walt Disney World Resort, Disneyland Resort and Disney Cruise Line.

Impossible Foods’ CEO Dr. Patrick O. Brown stated “We launched Impossible Burger at America’s top restaurants, and we still enjoy a premium reputation among the world’s best chefs and gourmets,” …“But our stated goal since the founding of the company has always been to drive down prices through economies of scale, reach price parity and then undercut the price of conventional ground beef from cows. Today’s price cut is just the latest step toward our goal of eliminating animals in the food system.”

New data released by Dollar sales for the total U.S. retail food market grew just 2 percent within the total grocery marketplace. While the value of plant-based meat — the second-largest category — is approaching $1 billion, with sales growth of 18 percent in 2019.

The consumer is evolving with seeking food and food products that have the ‘halo’ of better for you according to Steven Johnson, Grocerant Guru® at Tacoma, WA based Foodservice Solutions® and plant-based foods have that halo.  Are you evolving with your customers fast enough? Will you be price competitive in 2021, 2022, or 2023?

Foodservice Solutions® team is here to help you drive top line sales and bottom-line profits. Are you looking a customer ahead? Visit www.FoodserviceSolutions.us for more information or contact: Steve@FoodserviceSolutions.us Remember success does leave clues and we just may the clue you need to propel your continued success.