Impossible Foods to roll out meatless pork in HK, Singapore, US
Hong Kong
IMPOSSIBLE Foods is rolling out its meatless pork product in Hong Kong in October and Singapore later in the year as it tries to bolster its footprint in the plant-based food space.
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. The company is also debuting the product in New York's Manhattan restaurant Momofuku Ssam Bar from Sept 23.
Reuters reported in April that Impossible, which makes faux beef products, is preparing for a public listing which could value the US company at around US$10 billion or more. Impossible is exploring going public through an 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.
Impossible's pork product, which is made from the same key ingredient as its beef product - soya - enters the Hong Kong market at a time when homegrown brands have already made inroads into the pork substitutes market in Asia's financial hub.
A NEWSLETTER FOR YOU
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Impossible's 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. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue