Impossible Foods to Launch Meatless Pork in Hong Kong, Singapore, US

HONG KONG (Reuters) – Impossible Foods is rolling out its meatless pork product to Hong Kong in October and Singapore later in the year as it tries to strengthen its footprint in the fast-growing plant-based food space .

The California-based company said the ground pork substitute will be available at 120 restaurants in Hong Kong starting October 4.

The product will also be sold in select Hong Kong grocery stores as ready-to-eat meals. The company will also launch the product at Momofuku Ssam restaurant in Manhattan starting September 23.

Reuters reported in April that Impossible, which makes fake beef products, is preparing for a public listing that could value the U.S. company at around $ 10 billion or more. Impossible is considering an initial public offering (IPO) in the next 12 months or a merger with a so-called special acquisition company (SPAC).

“This is a natural step in the evolution and growth of our business, but the time is really (to be determined) and we will see how it goes over the next year or so,” Dennis Woodside, chairman, told Reuters from Impossible Foods. maintenance.

Impossible’s pork product, which is made from the same key ingredient as its beef product – soybeans – is entering the Hong Kong market at a time local brands, including Green Monday’s Omnipork, have already hit the market. breakthroughs in the pork substitutes market in the Asian financial center.

Impossible’s product will cost more than animal pork to start with, but the company has said it aims to continually cut prices like it has for its Impossible Beef products.

“We are optimizing our manufacturing process, really every month, and continually increasing our manufacturing footprint and as we fill our factories, that’s when we can reduce unit costs,” said Woodside.

(Reporting by Farah Master; editing by Aurora Ellis)