The Clap👏
America’s largest supermarket chain “Kroger” (NYSE: KR) has partnered with Impossible Foods to develop plant-based meat substitutes.
Partnership deets🧐
The partnership aims to provide plant-based meat substitutes at a lower price point than the industry’s average, especially in the face of rising meat costs in recent months.
This isn’t Kroger’s first venture into plant-based meat substitutes, which has been releasing meat alternatives since 2020.
The bigger picture🖼
News of the partnership sent shares of Impossible Foods’ main competitor, “Beyond Meat” (NASDAQ: BYND), sinking more than 7% as analysts see the move as a threat to Beyond Meat.
While Impossible Foods isn’t publicly listed, a Reuters report almost a year ago said the company could go public sometime in 2022.
