CHINA – Impossible Foods, one for the largest alternative protein companies, is rolling out its meatless pork product in Hong Kong in October and Singapore later in the year in what can be seen as the latest attempt yet to rid the world of animal proteins.
The California-based company said the ground minced pork substitute would be available in 120 restaurants in Hong Kong from Oct 4. The product will also be sold in some Hong Kong grocery stores as ready to eat meals.
Hong Kong market is a natural launching pad for Impossible Foods as the market is already familiar with meatless pork products which are produced by homegrown brands, including Green Monday’s Omnipork.
Impossible’s pork product, which is made from the same key ingredient as its beef product- soy – is also debuting in New York’s Manhattan restaurant Momofuku Ssam Bar from Sept. 23.
The product will be priced higher than animal pork to start with but the company said it aims to continually drive down prices as it has done for its Impossible Beef products.
“We are optimizing our manufacturing process, really every month, and continually growing our manufacturing footprint and as we fill up our factories that is when we can lower unit cost,” Woodside said.
Impossible Foods is known for being an unapologetic crusader against the traditional meat industry and its outspoken founder and CEO Pat Brown has said the company will eliminate the need for animal agriculture by 2035.
So far the company has found success as a leader in plant-based burgers, and after more than a year in restaurants, it launched its plant-based pork Impossible Sausage in retail stores last month.
To further beef its finances, the company is preparing for a public listing that could value the U.S. company at around US$10 billion or more.
At the moment, Impossible is exploring going public through an initial public offering (IPO) in the next 12 months or a merger with a so-called special acquisition company (SPAC).
“It’s a natural step in evolution and growth of our business but the timing is really (to be decided) and we will see how it goes over the course of the next year,” Dennis Woodside, president of Impossible Foods, told Reuters in an interview.
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