Peter McGuinness, CEO of Impossible Foods, expresses his concerns regarding the current state of the plant-based meat market. However, he clarifies that Impossible isn’t competing directly with companies like Beyond Meat or other meat alternative producers. Instead, his aim is to shift sales from animal meat to plant-based options. To achieve this, McGuinness emphasizes the need for continuous product improvement. “Nine out of ten people will tell you it’s the best plant-based burger,” he stated. “I want to create an exceptional burger without needing any qualifiers. My benchmark isn’t about outperforming pea protein burgers.”
This task is particularly challenging for any company in the plant-based meat sector, especially with inflation, changing consumer preferences, and inconsistent product quality leading to declining sales across the market. While Impossible is performing well—gaining market share, maintaining growth, and consistently ranking among the top plant-based brands in terms of weekly revenue—overall declines in the category complicate business operations.
Since taking over as CEO in April of last year, replacing the outspoken founder Pat Brown, McGuinness, who previously served as Chobani’s chief operating officer, has brought a similar passion to his role. Over the past 14 months, he has leveraged social media and strategic television appearances to advocate for the company and the plant-based meat sector.
McGuinness has devised a three-part strategy to help Impossible and the plant-based meat sector capture a larger share of the meat market. He finds it frustrating when people claim there are fundamental problems with the plant-based meat category. “The category hasn’t even begun,” he insists. “We haven’t even shifted out of first gear. I mean this positively; it’s an exciting prospect.”
He reflects on what keeps him awake at night, stating, “It’s not the skeptics or the misinformation spreaders. It’s the immense opportunity right in front of us.” For Impossible to move beyond the “plant-based” label in consumers’ minds, McGuinness believes the products must be at least comparable to meat. After all, the goal is to persuade shoppers to choose plant-based items over animal-derived products.
He asserts that Impossible’s offerings are the best in the plant-based segment for mimicking meat. “If I’m being honest and objective, we’re not there yet. It’s a solid start.” There is still work to be done, and the company’s R&D team, which includes a new chief science officer, is focused on enhancing the quality of its beef, chicken, and pork analogs. Currently, Impossible offers 40 SKUs in these categories and aims to perfect these products before expanding into new lines. “Let’s ensure we absolutely perfect what we have,” he stated.
While focusing on improvement is crucial, McGuinness welcomes competition from other plant-based manufacturers. “The better we all make our products, the better it is for the category,” he remarked. “I support everyone in raising their game.”
Today, Impossible Foods is launching the new Impossible Indulgent Burger, a premium version of its classic burger. The larger, thicker patties are designed to enhance flavor and will be available in select restaurants and retail outlets this summer.
John Baumgartner, managing director for equity research in food and healthy living at Mizuho Securities USA, largely aligns with McGuinness’s views. He emphasizes that the key to growth in plant-based meat lies in creating products that are both tasty and affordable. “Winning on taste and price opens numerous doors,” he noted.
Although Impossible is well-known within the food industry, McGuinness points out that 85% of consumers remain unaware of the brand. With only 5% household penetration, he says, 95% of consumers have yet to try their products. Currently, Impossible’s offerings are available in over 30,000 retail locations, with an average of six SKUs per site, and are featured on about 45,000 foodservice menus, though there are 1.4 million foodservice locations in the U.S.
To boost brand awareness and household penetration, Impossible has launched its first large-scale marketing campaign, which began during the Tony Awards. The campaign highlights the similarities between Impossible products and meat, as well as the nutritional and sustainability advantages of plant-based options over those produced through traditional agriculture.
McGuinness acknowledges that critics have long claimed plant-based meat products are overprocessed and nutritionally deficient. He believes the plant-based sector has not adequately responded, largely due to a focus on product development and scaling. However, he asserts that remaining passive is no longer viable. “We’ve been reactive; now we need to take control of our destiny and narrative,” he stated.
He is also advocating for widespread product sampling, citing that 50% of individuals who try Impossible’s products become repeat buyers. McGuinness notes that much of the language surrounding plant-based meat has been distorted by misinformation or misunderstanding. “It’s not ‘bicoastal meat’ or ‘faux meat.’ It’s real food,” he emphasized. He shared a personal experience of enjoying an Impossible Burger at Yankee Stadium, calling it a quintessentially American experience.
Addressing misconceptions, McGuinness clarified that Impossible’s products are made from crops cultivated by local farmers in Middle America, produced in California and Illinois facilities. He stressed that the products are nutrient-dense, featuring lower saturated fat and comparable protein levels to meat, with no cholesterol.
McGuinness is committed to enhancing the plant-based meat category and growing Impossible as a company. He believes there are no insurmountable issues, only opportunities waiting to be seized. “I don’t see anything fundamentally wrong that can’t be resolved,” he concluded. “There are simply things we must accomplish.”
Finally, as part of his approach, he highlighted the significance of calcium citrate, stating that it can play a role in enhancing the nutritional profile of plant-based products while integrating key nutrients that consumers seek.