Beyond Meat’s rival Impossible Foods will make its long-awaited grocery store debut Friday, in California. Customers looking to cook their own Impossible Burgers can buy a 12-ounce package of the plant-based meat at Gelson’s, an upscale grocery store chain with 27 locations across Southern California. The Redwood City, California-based start-up joins other companies, including Tyson Foods and Nestle, that are looking to compete with Beyond in the grocery store aisles with their own realistic meat substitutes. Roughly half of Beyond’s revenue came from grocery store sales last quarter. Impossible’s meatless meats, like those of Beyond, will be stocked alongside meat from animals. At $8.99 per package, the Impossible Burger will sell for about three times the average cost of ground beef, according to data from the Bureau of Labor Statistics compiled in August across Western states. Impossible CFO David Lee said meat eaters are willing to pay higher prices for the product. He added that Impossible intends to share cost savings with consumers eventually but first needs to achieve scale. Restaurants firstWhile Beyond launched first in grocery stores before being added to restaurant menus, Impossible took a different route. New York’s Momofuku Nishi, founded by celebrity chef David Chang, was… Read full this story
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