Impossible Food: The Business Model Behind The Fake Meat Giant
What is Impossible Food?
Impossible Foods is a company that creates innovative meat alternatives derived from plants. The company's mission is to create a meat substitute that resembles and tastes identical to meat while retaining all of its nutritional benefits.
Impossible Foods focuses on molecular research of animal products in order to identify the best plant-based proteins and nutrients in order to create the most convincing fake meat products possible.
The company began with its now-famous Impossible Burgers and has since created a vast array of plant-based products.
What Maks Impossible Foods Special?
In 2009, Patrick Brown had this idea. There were already an abundance of plant-based meat companies at this point. What, then, did Brown do that was so distinctive?
Well, he has identified the source of the issue. All of these plant-based foods were created with vegetarians and vegans in mind. So, it would not matter if they failed to replicate the exact flavor of real meat.
Brown made the decision to develop a product for meat eaters. Although you may consider this a risky move, it was actually brilliant.
Impossible Foods never intended to target individuals who were already committed to a vegetarian lifestyle. They wanted to convince meat eaters that they could satisfy their cravings without resorting to cruel animal agriculture practices.
Obviously, the idea was insufficient. Brown's primary objective was to ensure that Impossible Food products tasted like meat. So he began by conducting additional research and determining precisely why people enjoyed meat so much. He gained as much knowledge as possible about the biochemical reactions that occur in our bodies when we consume meat. Using a combination of various proteins and fatty acids, he experimented with various plant-based ingredients in an attempt to replicate the reactions.
This was a scientific approach that had never been attempted before. It is one of the primary reasons why Brown had no trouble convincing venture capitalists to fund the project's launch.
Funding and Launch of Impossible Foods
Despite his lack of business experience, investors helped Impossible Foods raise approximately $3 million in its initial funding round. Simply because they were impressed by his scientific background. Thus, Brown was able to devote all of his resources to the meat industry, rather than wasting time eliminating smaller competitors.
Nonetheless, it was inevitable that a revolutionary concept such as this would take time to materialize. From 2011 to 2016, Brown's team concentrated on developing a product for market introduction. During this time, the team's research and development efforts were accompanied by financial backing from investors.
The company spent its first year after launching solely on research and development, and as a result, a non-meat-based heme molecule responsible for the flavor and texture of ground beef was developed. Following this revolutionary discovery, Impossible Foods was able to raise an additional $75 million in funding.
After five years, the company launched its flagship product, The Impossible Burger, in 2016.
Impossible Foods Marketing
Before launching their game-changing product, Impossible Foods had to devise a marketing plan to spread the word.
Therefore, they targeted celebrity chefs and celebrities. They received investments from Jay-Z and Serena Williams, and Momofuku founder David Chang's New York City restaurant Nishi was the first to serve an Impossible Burger. Simply put, it absolutely lived up to the hype.
The burger was also exclusive due to the fact that Impossible Foods could not afford mass production due to product development expenses. Therefore, the company decided to limit its customer base and began supplying its faux meat to upscale restaurants.
Impossible Food Production
Due to the low volume of production, a single Impossible Burger cost approximately $13.95 - a price that not everyone could afford.
Brown was aware that he needed to increase his output immediately. Therefore, he decided to move the business to a larger facility in Oakland, where they began producing approximately 4 million burgers per month.
Impossible Foods could reduce its prices and fulfill larger contract volumes as its supply began to meet demand in a more reasonable fashion. By July 2018, two years after its debut in New York, the Impossible Burger had gone international and was available in approximately 3,000 locations throughout the United States and Hong Kong.
Impossible Food Products
The Impossible Burger has taken over the entire food industry. Today, over 30,000 restaurants, including Starbucks, carry the company's meat substitutes.
Of course, Brown did not intend to stop there. A complete destruction of the meat industry will require much more effort.
In 2019, Brown decided to reintroduce his renowned Impossible Burgers with an entirely new recipe. The Impossible Burger 2.0 was gluten-free, as soy protein replaced wheat. According to Brown, this version was "tastier, juicier, and more nutritious" than plant-based meat, with ten times the amount of nutrients. Therefore, not only does Impossible Meat taste like real meat, but it is superior to actual meat.
Brown decided to launch his second product, the Impossible Sausage, following the success of his first product, the Impossible Burger. This was intended to be released in conjunction with Little Caesar's as the "Impossible Sausage Pizza."
Patrick Brown asserts he was involved in the development of fifty prototype sausage products before Little Caesars began selling them to the general public. However, all of the trial and error has paid off, as Impossible sausage sandwiches are now sold in a variety of restaurants, including Burger King and Starbucks.
The company has recently introduced plant-based chicken nuggets.
Impossible Food Products
The Impossible Burger has taken over the entire food industry. Today, over 30,000 restaurants, including Starbucks, carry the company's meat substitutes.
Of course, Brown did not intend to stop there. A complete destruction of the meat industry will require much more effort.
In 2019, Brown decided to reintroduce his renowned Impossible Burgers with an entirely new recipe. The Impossible Burger 2.0 was gluten-free, as soy protein replaced wheat. According to Brown, this version was "tastier, juicier, and more nutritious" than plant-based meat, with ten times the amount of nutrients. Therefore, not only does Impossible Meat taste like real meat, but it is superior to actual meat.
Brown decided to launch his second product, the Impossible Sausage, following the success of his first product, the Impossible Burger. This was intended to be released in conjunction with Little Caesar's as the "Impossible Sausage Pizza."
Patrick Brown asserts he was involved in the development of fifty prototype sausage products before Little Caesars began selling them to the general public. However, all of the trial and error has paid off, as Impossible sausage sandwiches are now sold in a variety of restaurants, including Burger King and Starbucks.
The company has recently introduced plant-based chicken nuggets.
Impossible Foods Chellenges
The company had to reject a deal with McDonald's because it lacked the resources necessary to meet customer demands.
Recent obstacles for Impossible Foods include the fact that nutritionists such as Diana Rodgers have questioned the company's ingredients, particularly its use of genetically modified soy.
A large number of individuals believe that the company's actions are merely green-washing and that their products are merely another version of highly processed foods made from inexpensive raw materials that are marketed as cleaner and healthier.
However, the food industry as a whole has come out in support of the brand, with Whole Foods CEO John Mackey stating that he would never endorse Impossible Foods if that were the case, demonstrating his faith in Brown and his brand.
The US Cattlemen's Association has recently launched a petition requesting that plant-based meat alternatives not be referred to with terms such as'meat,"steak,' and'sausage', posing a challenge for Impossible Foods in terms of their overall branding. However, the United States government has not yet enforced or accepted this ban.
How Much is Impossible Foods Worth?
Despite all of these obstacles, the company is currently valued at approximately $4 billion.
With investments from Microsoft and celebrities such as Katy Perry, Jaden Smith, and Trevor Noah, it's clear that the company has amassed a large number of supporters for its cause, amassing a valuation of billions of dollars over the years.
According to reports, Impossible Foods is seeking to raise $500 million in a new funding round, which would value the company at $7 billion.
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