SINGAPORE (THE BUSINESS TIMES) - Silicon Valley-based Impossible Foods will lower its international prices by double digits for distributors in Singapore, Canada, Hong Kong and Macau.
The price cuts, which vary by location and take effect this month, apply to all Impossible foodservice products sold overseas, said the plant-based burger maker in a statement late on Wednesday.
In the US, the group is also lowering prices by around 15 per cent on its open-coded foodservice products, marking its second domestic price cut since March last year. This includes the quarter-pound and third-pound Impossible Burger patties, the five-pound Impossible Burger bulk packages, and Impossible Sausage Made From Plants patties.
The price cuts come amid record global demand for Impossible Burger, said the group. Impossible Sausage, launched a year ago, was made available in more than 20,000 locations across the US within six months.
Production has increased sixfold since 2019, both at the group's manufacturing facility in Oakland, California, and at multiple plants owned by co-manufacturing partners.
Mr Patrick Brown, Impossible Foods chief executive and founder, said: "Less than a year ago, we cut food service prices by 15 per cent. Today's price cut is just the latest - not the last - step towards making the food system sustainable."
The group further noted that its growth has enabled it to achieve economies of scale and, therefore, cost savings that it plans to continue passing along to business owners and consumers.
Impossible Foods president Dennis Woodside said: "While we couldn't and wouldn't determine pricing for independent third parties, we sincerely hope our food distributor colleagues pass along this price cut to hardworking restaurateurs and their customers in this unprecedented time of need."