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Impossible Foods cuts distributor price again to compete with meat industry
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Demand for Impossible Foods’ meats growing as people want healthier meat alternatives: CFO
Impossible Foods CFO David Lee discusses growing interest for meat alternatives in the food industry.
Impossible Foods has cut the wholesale price for its plant-based "meat" once again.
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A spokesperson for the company confirmed to FOX Business that this is the second time Impossible Foods has lowered the price during the last 12 months to compete with the traditional meat market.
WHAT IS IMPOSSIBLE FOODS?
The price cut has been set at 15% on average for foodservice distributors that provide Impossible Foods products to restaurants in the U.S., which the company hopes will lower the cost for menu items that use its plant-based "meat."
Driving down the cost of Impossible Foods-based menu items at restaurants would reportedly help the company challenge the meat industry.
BEYOND MEAT, IMPOSSIBLE FOODS FACE PRICE COMPETITION IN PLANT-BASED MARKET
The brand’s Impossible Burger will cost food distributors $6.80 per pound after the latest price cut takes effect, Impossible Foods' spokesperson told FOX Business.