Impossible Foods, a leading plant-based meat company, is expanding its protein offerings through a new partnership with Equii, a company known for its high-protein products.
According to Peter McGuinness, CEO of Impossible Foods, this collaboration opens up opportunities for the company to introduce protein-rich products beyond their current lineup of plant-based burgers, hot dogs, chicken, and sausages.McGuinness shared on LinkedIn.
By entering into a licensing agreement with Equii, Impossible Foods aims to enhance its protein offerings in a way that complements its existing plant-based proteins.
Equii’s current product line includes high-protein items like bread, pasta, and baking mixes, which Impossible Foods will now be able to incorporate alongside their existing products.
Through this partnership, Impossible Foods will collaborate with Equii to create protein-rich combinations that align with their plant-based offerings. McGuinness hinted at the possibility of meals where both the plant-based meat and accompanying products provide a significant protein boost.
The financial terms of the deal have not been disclosed.
McGuinness expressed excitement about the partnership, stating, “This marks a significant advancement for us and the broader category as consumers seek protein-rich options. We are eager to lead this initiative.”
Consumers increasingly prioritize protein in their diets, leading food manufacturers to incorporate this nutrient into a wide range of products. The collaboration with Equii will enable consumers to enjoy complete, protein-packed meals, potentially giving Impossible Foods a competitive edge.
This partnership could prove beneficial for Impossible Foods in the challenging plant-based meat market, which has faced recent struggles.
Uncertainty in the economy and concerns about processed plant-based alternatives have prompted consumers to either reduce spending or opt for cheaper animal-based options. To adapt to changing demands, companies like Impossible Foods and Beyond Meat have restructured their operations to align costs with market conditions.
The Good Food Institute’s research indicates a 7% decline in sales for plant-based meat and seafood, with a 11% decrease in unit sales reaching $1.2 billion by 2024.