Impossible Foods punches back against report calling fake meat a ‘fad’

Unimaginable Meals mentioned it has generated report gross sales since 2016 when its pretend meat first appeared on restaurant menus – and added that it’s bored with being lumped in with its struggling competitor, Past Meat.

In a Sunday blog post, Unimaginable Meals punched again at a Bloomberg Businessweek report final week that described the sector as “one other fad.” 

The report cited the abysmal financial performance of Past Meat over the previous 12 months and alter, as effectively declining gross sales of pretend meat at supermarkets and eating places in 2022  – down 14% and 9% respectively, in response to business information.

However Redwood Metropolis, Calif.-based Unimaginable Meals, which is privately held, says these numbers don’t describe its personal efficiency. 

Demand for Unimaginable Meals patties in eating places – together with Burger King, Starbucks and Applebee’s – have grown every year since 2016 and gross sales of its merchandise at supermarkets have grown by 50%, in response to the corporate.

“Our merchandise have solely been in grocery shops for the previous 2-3 years,” in response to the weblog submit. “Since our industrial debut we haven’t accomplished any sustained advertising or promoting to develop consciousness. Other than a little bit assist from our pals (at Burger King) our viewers has largely discovered their option to us on their very own,” in response to the weblog submit.

Past Meat’s stock price has gotten crushed, right down to about $16 or 75% off from a 12 months in the past and is having a “halo impact on the whole sector,” in response to restaurant analyst Mark Kalinowski.

“In some unspecified time in the future [a company] has to face up for itself, significantly if it’s not experiencing such declines,” Kalinowski mentioned of Unimaginable Meals.

Unimaginable Meals says it’s bought at greater than 30,000 grocery shops together with Costco, Dealer Joe’s, Walmart and Goal — up from simply 150 in 2020 — and that greater than 45,000 eating places provide its merchandise.

“It’s irritating that the class is form of getting a nasty rap,” Unimaginable Meals chief govt Peter McGuinness informed commerce publication Meals Navigator-USA.com final 12 months. “However a number of the different gamers have their very own points that aren’t relevant to us.”

Past Meat has suffered a collection of latest setbacks, together with experiences that its manufacturing amenities are riddled with mold and that its former chief working officer bit another man’s nose at a college football game. In keeping with one analyst, the business is seen as “too woke” by customers, hampering gross sales.