Plant-based meat producer Impossible Foods is teaming up with a number of celebrity chefs and their restaurants to kick off its expansion into Canada.
The company is already established in some Asian regions, but the latest foray closer to home will make Canada the company's second-largest market outside of the U.S.
"There's been a cry for us to eventually serve this market," David Lee, CFO of Impossible Foods, told Cheddar on Wednesday.
Impossible Foods claims the vast majority of its customers are meat-eaters, and it works hard to make its products accessible to them.
"Nine out of 10 of our customers are self-avowed carnivores, and that means where they go is where we need to be," Lee said. "You've seen us increase our retail grocery business from 150 locations at the start of the year to over 10,000 today, and launch our own direct-to-consumer business because that's what the meat-eater demands."
So far this year, Impossible Foods has secured deals with major grocery store chains like Walmart, Trader Joe's, and Publix.
While plant-based competitor Beyond Meat plans to open a production facility in Shanghai, Lee says he doesn't consider the company to be its main rival.
"We believe our competition is actually meat made from an animal," Lee said. "The market opportunity for this trillion-plus dollar meat industry is one where there are plenty of room for a rising tide of great brands."
While Impossible Foods doesn't currently have its own presence on mainland China, the company has entered Asian markets like Hong Kong, Singapore, and Macau.
"We wanted to start in the places that are known for being gateways to the rest of Asia," Lee said.
"It's an important market and we will be there eventually."
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
International Master Alice Lee defeated grandmaster Irina Krush to win the American Cup – becoming one of the best women players in the world in the process – but she’s not stopping there.
You can track your sleep habits or heart rate, but how about your brain? Neurable's MW75-Neuro headphones turn your focus and productivity into data you can use to avoid burnout – here's how they do it.
