Impossible Foods continues its global expansion, with valuation now set to reach $7B
Image courtesy of Impossible Foods
The California-based producer of plant-based beef, pork and chicken has been predicted to overtake Beyond Meat in the alternative proteins market, as it expects to raise around $500M in its next funding round, which will bring it to a valuation of $7B.
Impossible Foods recently expanded to Australia and New Zealand this past week, which is its third and fourth international market launch in 14 months. The Impossible Beef (also known as Impossible Burger), is going to be available in over 150 restaurants in Australia, including its top burger chain – Grill’d. In New Zealand, it will be launched first at the chain restaurant Burger Burger and a Middle Eastern restaurant called Fatima’s, as well as the modern bakery Ashby, French restaurant Cantine, and Vino Vino on Waiheke Island.
Dennis Woodside, president of Impossible Foods said: “Our launches in Australia and New Zealand are another huge step towards bringing delicious, sustainable options to every market in the world.
“Both countries are home to some of the most devoted meat-eaters on earth, and we know consumers there are going to love Impossible Beef”.
As well as Australia and New Zealand, Impossible Foods have also just announced plans to bring its products to the UK following the submission of an application for approval with the UK Food Standards Agency. The exact timing of its arrival in the UK, however, is not yet known.
The company already sent an application to the European Food Safety Authority in 2019, but it is still waiting for approval. The EU has been known to have strict restrictions about genetically modified foods entering the market in the past.
The brand’s meatless goods were also recently made available in the United Arab Emirates, which marks its first supply to the Middle East. Its products are also currently stocked in US, Canada, Singapore, and Hong Kong.
Most of the company’s products are available in US supermarkets such as Walmart, Kroger, Albertsons and Trader Joe’s and fast-food chains like Burger King.
Burger King started trialling Impossible Foods’ chicken nuggets last month. Already stocking the Impossible Whopper (a rival to the Beyond Meat Burger), the plant-based nuggets are a new addition to menus in Des Moines, Iowa, Boston and Miami.
The company’s expansion and increase in value makes it a keen competitor for Beyond Meat, which is currently valued at $6.2B. Both companies raced against each other to produce chicken substitutes, with Beyond Meat releasing its plant-based nuggets just a few months before Impossible Foods.
Impossible Foods’ vegan nuggets are free from soy leghemoglobin, which is a GM ingredient existing in its plant-based beef goods, which could make it easier to enter the European market.
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