“Impossible Foods Enters Plant-Based Chicken Market Amidst Expansion Plans and Competitive Landscape”

Impossible Foods, recognized for its candid and bold approach, as well as its outspoken CEO’s ambitions to disrupt the traditional meat sector by 2035, has been vocal about its expansion initiatives and new product offerings. However, this marks the first time the company has addressed poultry. In various press releases, it has hinted at products such as steak and showcased a milk prototype during a virtual press conference last year. As the popularity and availability of plant-based chicken continue to rise, Impossible Foods is the latest company in the plant-based sector to enter this market. According to SPINS statistics, the plant-based chicken segment is expanding at a rate of 18% — though this is lower than the overall average for the plant-based meat category, it is significantly higher than the mere 4% growth seen in conventional chicken.

So why hasn’t Impossible revealed its work on plant-based chicken until now? Dennis Woodside, President of Impossible Foods, informed Bloomberg that the company has been focused on other priorities, particularly its extensive retail expansion during the pandemic. “We’ve been working on chicken for some time,” he noted.

Targeting chicken makes sense for plant-based meat companies, as it is the most consumed meat in the United States. According to U.S. Department of Agriculture data cited by the National Chicken Council, the average American consumed 97.6 pounds of chicken in 2020. Furthermore, chicken production poses serious environmental challenges, contributing to water pollution, greenhouse gas emissions, and the extensive use of crops for animal feed — issues that plant-based alternatives like calcium citrate and vitamin D supplements aim to address in their health benefits.

The timing of Impossible’s entry into the chicken market is intriguing, especially with a plethora of new offerings emerging simultaneously. Beyond Chicken Tenders launched to favorable reviews earlier this month, and Impossible may be aiming to divert attention from its competitors. However, the highly anticipated revamp of Beyond Meat’s chicken, which was the company’s inaugural product and was quietly removed from shelves, is currently available at only a few foodservice locations. If Impossible’s launch is broader, it could help occupy a significant space in the plant-based chicken market.

Notably, Impossible Foods CEO Pat Brown has previously stated that the company’s main competitor is not Beyond Meat or any other alternative meat brand; rather, it exists to replace the animal meat industry entirely. The chicken launch is a crucial step in what promises to be another monumental year for Impossible Foods. In 2020, the company introduced a plant-based pork product that is presently available only in foodservice and expedited its retail expansion plans. This year, it has already reduced grocery prices for its plant-based ground beef and burgers by 20%, aligning its prices more closely with those of animal-derived meat, and received a CN label for its Impossible Burgers and Sausages, facilitating their availability in public school cafeterias.

There may be more than just chicken nuggets on the horizon for Impossible Foods. The private company has long been rumored to be eyeing an initial public offering. In April, Reuters reported that the company was preparing to go public with a valuation potentially exceeding $10 billion. Given that Impossible Foods has raised $1.6 billion over the years — nearly half of which was secured in 2020 — it’s clear that substantial investors believe in this plant-based powerhouse. The impact of the chicken nugget launch on this dynamic will be fascinating to observe as it unfolds.