Last month, Impossible Foods announced it would be slashing the prices of its retail products around the globe, starting with the US and followed by other markets around the globe. The cuts were attributed to business growth, economies of scale, and the company's goal of removing animals from the food production chain by 2035.
The company has announced the cuts are now officially coming to Hong Kong, reducing the price of their meat alternative Impossible Beef by over 20%.
From 5 March on, all PARKnSHOP banner stores (PARKnSHOP, FUSION, TASTE, food le parc and GREAT FOOD HALL) in Hong Kong will reduce the price of Impossible™ Beef Made from Plants from HK$89.90 to HK$65.90 for a 340g retail pack. The reduced prices will be available at nearly 100 locations in the city and online at parknshop.com.
It's the third major price cut in less than a year for the company, which counts Hong Kong business magnate Li Ka-shing's Horizons Ventures as an investor.
"We are excited about the dramatic growth in Hong Kong since our launch in 2018, where our footprint in restaurants has grown by 160% since January 2020 and our retail network continues to expand. We are thrilled to see local retailers passing along the savings to their own customers, which helps to create a mainstream consumer movement around affordable, plant-based meat. Our intention is to ultimately undercut the price of ground beef from cows - a crucial step in furthering the company’s mission to turn back the clock on global warming. Stay tuned for additional price cuts in the future," said Heidi Nam, general manager, Impossible Foods Hong Kong.
“As a leading retailer in Hong Kong, we are committed to expanding our offerings to cater to the city’s growing interest and demand for plant-based products. We are happy to align with Impossible Foods on passing valuable savings back to our consumers during these trying times. Moreover, we are excited to give people the opportunity to embrace a more plant-based diet and to promote the environmental awareness and sustainability-driven message at the core of both PARKnSHOP and Impossible Foods,” added Norman Yum, managing director, PARKnSHOP (HK).