“There are a lot of myths and misconceptions out there. But the fact is, we are growing.' Impossible Foods CEO Peter McGuinness has beef with how the media portrays plant-based meat
Most people in your position simply ignore bad press. Why did you feel you had to respond publicly to theLook, as a leader in the category, I think we’re there to defend, support and try and build the category. I thought it was relatively one-sided. There are two sides to every story. What we did in the New Yorkwas just telling the other side of the story, and there are people with other points of view. We made a decision to carry the torch for the category.
You’ve got to start with taste. Taste, texture, flavor. And what do we hear from every animal lover? ‘That tastes much better than I thought. That’s a pretty good burger.’ It’s the same reaction we get every time. And by the way, that’s how we do our taste tests. We taste everything against the animal equivalent, not a plant-based equivalent. And our aspiration is not to be the best plant based. I want a great burger. I don’t want a great plant-based burger.
In preparation for this interview, my wife and I went out to our local supermarket but had a hard time finding the product. We looked first in the veggie burger area. It wasn’t with those products. Then we looked in the meat section. It wasn’t there. Turns out, it had its own refrigeration case at the back of the store.
Yes, it’s very much in the plan for ’23 and ’24, to do sustained, compelling advertising and marketing. So we just hired our first ever chief demand officer. Basically, all demand functions—from corporate communications to product commercialization, to packaging, to marketing, to advertising, to pricing, category management, retail execution—it’s all under one demand leader. One budget, no fiefdoms. So those are big pieces and we’ve allocated dollars to invest.
It’s a great question. I think inflation affects every category because so many manufacturers have increased prices because their input costs have gone up. We haven’t. If you look over the past two and a half years, as we’ve scaled, we’ve come down 23% in price in two and a half years. The animal has gone up 22% in price because it’s inefficient protein. Animals drink a ton of water. They eat a ton of food, which, by the way, grain and feed is way up. Then you have to slaughter them.
We’re not taking away anything. We’re just adding an option. If you want to try the option, great. People want better options. People want choice. We’re not marketing against or trying to take anything away.
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