Silicon Valley-based Impossible Foods has reportedly announced plans to slash rates for retailers in Singapore by nearly 30 per cent. However, despite this move, the company has stated that it customarily does not operate or own the final point of sale for its plant-based offerings and the costs are decided by the retailers themselves.
The company had announced its plans for reducing its international prices in January 2021 by an average of 15 per cent for food service distributors situated in Singapore, Canada, Hong Kong, and Macau. As per the most recent company announcement, its latest price cuts will be applicable to retail stores not just in Singapore, but in Hong Kong, as well as Canada.
According to Impossible Foods’ CEO and Founder, Dr. Patrick O Brown, the company is keen on reversing global warming and restricting the extinction crisis of the planet by improving the sustainability of the food system.
Patrick also stated that with economies of scale, Impossible Foods aims to keep reducing its rates until it undercuts the prices of ground beef obtained from cows. The recent rate cuts of the company are merely its latest and not their last, added Brown.
In the past one year, the faux-meat company has reduced its prices for the third time as part of its mission of displacing ground beef. The company has expressed that it will be consistent in doing so until its products are more reasonable than meat obtained from livestock.
Impossible Foods reportedly began the sale of its mock beef to online grocer RedMart and nearly 79 NTUC FairPrice stores in October 2020, in a rapid focus towards retail sales during the COVID-19 pandemic.
The company had earlier concentrated its efforts on initiating the supply of its plant-based meat products to restaurants but had to advance its plans towards expansion into retail sales as the pandemic hit the food & beverage sector.