Impossible Foods, maker of the plant-based Impossible Burger, said on Wednesday it would cut prices in the United States by about 15%. Demand for alternative meat is increasing.
For the second time in a year, Impossible Foods announced a price cut on its meat-alternative products. Prices are also going down in international markets.
The price cuts come amid surging demand for plant-based meat alternatives, which grew even stronger during the coronavirus crisis.
With demand high and production increasing six-fold since 2019, Impossible Foods says the business model can now sustain another price reduction.
According to a statement from CEO Patrick Brown, more price cuts are coming as he aims to bring the price of alternative meat low enough to undercut the price of animal meat.
Impossible Foods has several retail and restaurant partners in the U.S., including Burger King, Starbucks and White Castle.