U.S. artificial-meat maker Impossible Foods says it will slash the wholesale price of its products in global markets, including in Hong Kong and Macao, in order to compete with those made from animals.
The firm will first cut its wholesale prices in the U.S. by an average of 15% before rolling out “double-digit international price cuts” later this month in other markets, though it did not provide specific details of the cuts for distributors outside the U.S.
High costs are thought to have been a barrier to the widespread take up of meat alternatives, and in Hong Kong, the privately-held firm sells a 340-gram (12 ounce) pack of imitation beef for HK$89.9 ($11.60), twice as much as the real thing.
But costs are just one hurdle in the potentially lucrative Chinese mainland market for the company, which is yet to be approved on the mainland. That’s despite American competitor Beyond Meat already selling its products at some of China’s most popular fast-food chains.
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