In a Bloomberg TV interview, Peter McGuiness, President & CEO of Impossible Foods, has made a compelling call for a "redefinition of the global plant-based narrative," addressing the challenges and opportunities within the sector.
"I think the sector is challenged, but I think it's not representative and a bit lazy just to paint a general picture, right?" Peter McGuiness began. (shown left via BloombergTV) "There are green shoots, and there are brands doing well. We're growing double digits. But we don't like the sector and the category being where it is. And there's a lot of reasons why."
Peter McGuiness highlighted the proliferation of small companies producing subpar plant-based foods has led to poor first impressions. "There are 200 plant-based companies in America. Probably only need three, or two. So there's a lot of small companies making not-so-great food, and people are having bad first impressions."
He criticised the initial approach to marketing plant-based products, which he described as overly political and elitist. "It was very climate, very zealot, there was a lot of rhetoric. It was anti-cattle industry. So it got political. It got woke. It got bi-coastal and academic elitist. So that all has to stop, right?"
Peter McGuiness emphasised the need to appeal to meat eaters by focusing on the taste and nutritional benefits of plant-based foods. "First, it's got to be delicious. Because if it's not delicious, you're asking people to compromise food, and food you eat because you like the taste of it. Secondly, it's got to be nutritious. This is zero cholesterol, meat. This is 50 to 75% less saturated fat, more fibre, more protein."
Source: Impossible Foods Slider showing Burger, Italian Meat Ball, Savoury Sausage & Chicken Nuggets
Addressing pricing, the Impossible Foods CEO says, "We've brought our prices down 20% in the last year and a half. And animal meat on average is up anywhere between 18 and 22% because input costs are up and labor costs are up." He acknowledged while Impossible Meats is still a premium product compared to conventional meat, the company is now more affordable than grass-fed organic meat, signaling significant progress.
Regarding the company's market presence, Peter McGuiness pointed out that Impossible Meats products are available in 48,000 food service locations, including major chains like Burger King and Starbucks. However, he stressed the vast potential for growth, given that there are 1.4 million food service locations in the U.S.
When asked about future plans, Peter McGuiness explained while Impossible Meats remains a private company, there are no immediate plans to go public. "We're lucky enough to be pretty well capitalised right now. We raised a lot of money over the years. Ever since I've taken over as CEO, I've invested in the brand, we just launched a huge advertising campaign, but I haven't spent on silly stuff."
Peter McGuiness concluded with a forward-looking vision: "94% of America has yet to try Impossible products. The way I look at it, what keeps me up at night is the opportunity, not the cynicism."
With new products like their plant-based hot dog and expansion into additional food service locations, Impossible Meats is committed to redefining the plant-based narrative and invite more consumers to enjoy their innovative, 'Earth Friendly', and delicious offerings.
For more information on Impossible's Plant-Based Mission CLICK HERE
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