Impossible Foods is a major American company and is the developer and manufacturer of plant-based meat substitutes. All products are developed under the direction of the founder, Patrick O. Brown, MD and Professor of Biochemistry. He is known as an innovator in the field of genetic mapping.
Impossible Foods has a market capitalisation of $8.4 billion and is expected to have a valuation of $10 billion by the time of its IPO. Since its inception, Impossible Foods has received $1.5 billion in investments. The first round of investment was in March 2020, raising $500 million. In the second round in August 2020, Impossible Foods received $200 million.
The company's investors include big names Bill Gates, Serena Williams. Katy Perry, Jaden Smith and Jay-Z.
In April 2021, company officials said they were considering an IPO within 12 months. Tentative launch dates have not yet been announced.
The demand for plant-based products is growing, experts predict the market share of alternative protein to multiply by 7 times to $85 billion by 2035. If the trend continues, by 2040 the consumption of conventional meat will drop by 33%.
Already, Impossible Foods products can be purchased in over 20,000 shops, including Walmart. The company is actively collaborating with Burger King and Disney. Impossible Foods plans to enter the alternative dairy market. Unlike other plant-based counterparts, Impossible milk will be completely similar to cow's milk.In early 2021, the company said it was exploring the baby food market and is already running test launches in US schools.
A plant-based meat player, Beyond Meat, is already on the stock market. The vegan company's shares have risen 400% since its IPO in 2019. Impossible Foods stands a good chance of setting a new record and edging out a competitor, as demand for plant-based meat continues to grow and a huge number of people are giving up meat products in favour of vegan ones.
