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Impossible Foods

Can a burger save the planet?

Impossible Foods develops plant-based substitutes for meat products. Founded in 2011, and headquartered in Redwood City, California, the company's stated aim is to give people the taste and nutritional benefits of meat without supposed negative health and certain environmental impacts associated with livestock products. The company researches animal products at the molecular level, then selects specific proteins and nutrients from plants to recreate the experience and nutrition of specific meat products.

“Together, we’re transforming the global food system by creating better ways to make meat, dairy and fish without using animals – delicious, good for people, and good for the planet. Our approach: understand what people love about meat dairy, and fish, and then explore the plant world for specific ingredients that recreate those experiences.

In 2016, we launched the Impossible™ Burger: meat made from plants, for people who love to meat. Founded in 2011 by Pat Brown and backed by top-tier VCs and visionaries, we’re looking for the very best scientists, engineers, food developers, and business professionals in the world to join our creative, diverse, multi-talented and mission-driven team. We’re here to secure a sustainable future (and have fun while doing it). Come work with us to change the course of history.”

Pat Brown is a geneticist on a mission to rid the world of animal foods. In 2009 he took a sabbatical from his academic career to reflect on how he could make a bigger difference to the world. He decided that the environmental change was most profound, and he could add more value by focusing on the use of animals to make food. Beef farming, more than any other type, has caused huge destruction to rainforests, and the animals themselves significantly add to the world’s carbon emissions. He organised a conference on “the role of animals in a sustainable global food system” and resolved that the best strategy would be to create a product that competed against animal foods commercially.

“The mission of Impossible Foods is very simple. It’s to completely replace animals in the food system by 2035.”

“Why does meat smell, feel, cook and taste like meat?” he challenged his small team of scientists. He believed that the answer lay in heme, the iron-containing molecule in blood, a component of haemoglobin. He started exploring how he could source the molecule in alternative ways from nature. The answer lay in the roots of clover. And from that moment in 2011 he set about launching Impossible Foods. 5 years later they launched the Impossible Burger, a burger that looked, smelt, sizzled and tasted just as good as a traditional beef version. Even better when you consider its wider impact on the world.

In 2016, the World Economic Forum named Brown a Technology Pioneer for his design, development and deployment of new technologies and innovations “poised to have a significant impact on business and society.

The company has three main sources of revenue: grocery stores, restaurants, and online. Impossible is in over 25K grocery stores including Walmart, Trader Joe’s and Costco. Impossible Foods also has distribution deals with 40Krestaurants in three different continents to sell Impossible products.

Additionally, Impossible Foods has entered into the private labeling business represented by their partnership with Krogers. The company also offers the sale of its products via the internet, but it is not a classic direct-to-consumer model. Consumers can buy the products via the Impossible Foods website and receive delivery via Instacart. The company also does sell products on Amazon. The price of the products vary based on the location and distribution methods. Specifically, for grocery stores, Impossible Foods cut prices on multiple occasions, in 2020 and 2021, taking the minimum price of sale to $6.80. This still represents a premium to classic ground meat, but over time, the company expects to become cheaper than classic beef.

Brown led Impossible Foods to becoming one of the industry leaders and a $10 billion enterprise. In March 2022, Brown stepped down from the CEO position and moved into the position of Chief Visionary Officer to focus on longer-term strategic initiatives. Brown was replaced as CEO by Peter McGuinness , previously President and COO of the Chobani yogurt company.

As consumers begin to recognize climate change as a major issue, they are becoming more aware of the role that beef production plays in climate change. A 2022 survey of 1K consumers found that over 80% were willing to replace beef purchases with lower carbon footprint meats and meat alternative. However, only 5% of consumers in the US and UK are willing to become vegetarians, signaling a widening demand for plant-based meat alternatives, which emit up to 90% less greenhouse gasses compared to meat.

As a result, funding has flooded into the plant-based meat market in recent years, and it has become a $7.5 billion market as of 2021. When compared to the $280 billion global meat market, it’s clear there’s considerable room to grow. However, in the face of deteriorating macroeconomic conditions, the faux meat market cooled down significantly starting in 2021, and saw a decrease in sales for 22 consecutive months leading up to November 2022.

Despite this, plant-based meat producer Impossible Foods has retained momentum even amidst a broader downturn, having grown sales to $137 million in 2022 which represented 70%year-over-year growth.