With large-scale growth and economies of scale over the past year, Impossible Foods is cutting suggested retail price by 30 per cent for retailers in Singapore.
The company is also introducing price cuts internationally at retail stores in Canada, Singapore and Hong Kong.
Increased production, lower prices
The price cuts bring the company’s suggested retail prices for the Impossible Burger to U$5.49 (S$7.32) for patties and U$6.99 (S$9.31) for a 340g package, with on-shelf prices varying depending on location and retailer.
Last year, the product was made available at close to 100 FairPrice stores, including FairPrice supermarkets, FairPrice Finest and FairPrice Xtra hypermarkets, and even RedMart.
The latest price cut is the third double-digit reduction from Impossible Foods in less than a year.
Last month, the company cut prices on average about 15 per cent for distributors that sell the product to restaurants.
The plant-based meat producer is urging retailers in Singapore, Hong Kong, United States and Canada to pass the savings to consumers as soon as possible.
According to the company, production has increased sixfold since 2019, both in Oakland, U.S. and at multiple plants owned by co-manufacturing partners.
Impossible CEO and founder Patrick O. Brown said:
“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.”
Final price determined by retailers
Speaking to Mothership, a spokesperson for Impossible Foods said that the final retail price is determined by the retailer themselves, and that the retailers are passing along the cost cuts to Singaporean customers.
For example, when RedMart introduced Impossible Beef last year, it was priced at $16.90 for 340g.
However, from Mar. 1, 2021, it will be sold at a discounted price of S$11.90 on RedMart and FairPrice, which is close to a 30 per cent decrease in the price as compared to the original retail price.
Impossible Foods’ President Dennis Woodside said:
“While we would not and could not require grocery stores to cut prices, grocery store customers and distributors are in fact consistently passing along our economies of scale to their own customers.
Impossible products are becoming increasingly affordable, and this in turn is accelerating our rapid retail growth. It’s a virtuous cycle for our customers, consumers and the planet.”
Currently, the 340g-pack is available in RedMart, and at NTUC Fairprice, both in-store and online.
The company said that Impossible Foods will soon be available at even more retailers, as there has been "unprecedented retail demand, for both the plant-based meat category and Impossible Beef specifically".
Their products have been rolled out in about 200 grocery stores in Hong Kong and Singapore in October last year.
The company is also aiming to be available everywhere where meat from animals is sold to meet consumer demand.
According to the company, Impossible Beef also uses 96 per cent less land, 87 per cent less water and 89 per cent fewer greenhouse gas emissions compared to conventional beef from cows.
Top image by Impossible Foods