Impossible Foods plans to release meatless chicken nuggets this fall

Impossible Foods is considering adding another meat substitute to its list: plant-based chicken nuggets.

The company will unveil the new product to U.S. operators at a trade show next week with a broader fall launch date in mind. Bloomberg first reported the news.

Over the past decade, chicken has overtaken beef as Americans’ top meat choice, making it a target for companies looking to replace or reduce animal meat consumption. Earlier in July, rival Beyond Meat launched chicken offerings in American restaurants, more than two years after abandoning its original chicken alternative.

To mimic the taste and texture of chicken, Impossible’s nugget recipe includes soy protein and sunflower oil, Bloomberg reported. However, this does not include the use of heme, which is produced from genetically modified yeast. The company has used the substance in its two alternatives for beef and pork, but China and the European Union have banned its products because of that use, causing a major obstacle to Impossible’s global expansion.

The new nuggets – and their potential global reach – could make Impossible more attractive to investors. Reuters reported in April that the company is preparing to go public within the next 12 months through an initial public offering or a merger with a special purpose acquisition company, or SPAC. . Impossible would be looking for a valuation of at least $ 10 billion, several billion dollars more than Beyond Meat’s current market cap. To date, Impossible has raised $ 1.5 billion from private investors.

Impossible Foods is a four-time CNBC Disruptor 50 company that ranked # 24 on this year’s list.