Impossible Foods said it had generated record sales since 2016, when its fake meat first appeared on restaurant menus – and added it was uninterested in being lumped in with struggling competitor, Beyond Meat.
In Sunday blog postImpossible Foods responded to Bloomberg Businessweek report last week, who described the sector as “the subsequent fad”.
The report lists Beyond Meat’s dismal financial performance over the past 12 months and changes, in addition to a decline in sales of faux meat in supermarkets – down 14% – and plant-based burgers in restaurants – down 9% – in 2022, in keeping with industry data.” .
However the privately owned Redwood City, Calif.-based company Impossible Foods says those numbers don’t describe its own performance.
Demand for Impossible Foods patties at restaurants – including Burger King, Starbucks and Applebee’s – has been increasing every 12 months since 2016, with supermarket sales of their products up 50%, in keeping with the corporate.
![Burger King's Impossible Whopper Vegan Burger.](https://nypost.com/wp-content/uploads/sites/2/2023/01/impossible-52-whopper-ad-1.jpg?w=1024)
“Our products have only been available in grocery stores for 2-3 years,” the blog reads. “Since our business debut, we now have not conducted any sustained marketing or promoting efforts to extend awareness. Except for a little bit help from our friends (at Burger King), our viewers mostly found their approach to us on their very own,” in keeping with the blog post.
In line with restaurant analyst Mark Kalinowski, Beyond Meat’s share price has fallen to about $16 or 75% from last 12 months and is having a “halo effect” across the sector.
“In some unspecified time in the future [a company] has to defend itself, especially if it just isn’t experiencing such declines,” Kalinowski said about Impossible Foods.
Impossible Foods says it’s sold in greater than 30,000 grocery stores, including Costco, Trader Joe’s, Walmart and Goal – up from just 150 in 2020 – and that greater than 45,000 restaurants offer its products.
![A vegetable-based burger is cooked in a pan.](https://nypost.com/wp-content/uploads/sites/2/2023/01/impossible-53-patties.jpg?w=1024)
“It’s frustrating that this category has a foul fame,” Impossible Foods CEO Peter McGuinness told industry publication Food Navigator-USA.com last 12 months. “But another players have their very own issues that do not concern us.”
Beyond Meat has suffered a string of setbacks recently, including reports that its manufacturing facilities are stuffed with mold and its former COO bit one other man on the nose during a university football game. In line with one analyst, the industry is perceived as “too awake” by consumers, making sales difficult.