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Impossible Foods Inc. is the subject of much attention lately. The company's flagship product is a meat-free, herbal burger patty that is supposed to be indistinguishable from reality. Recently, the startup based in Silicon Valley has deployed the Impossible Whopper to Burger Kings in the St. Louis area with apparent success. The hamburger chain is now planning to make the Impossible Whopper available throughout the country. I tried myself an impossible burger the other day at a local restaurant. Pretty good, in my opinion. I would recommend it.
I'm not the only one to congratulate Impossible Burger. On May 13, Impossible Foods announced that its latest fundraising had raised $ 300 million from private investors. This brings their total fundraising to $ 750 million in advance on a "possible" public offering for the Impossible Foods savings. The company flirted with the idea of an IPO, but the chief financial officer, David Lee, told reporters at Reuters that there was no Special haste and that the organization had the intention to "operate with the highest level of rigor" before announcing any IPO filing.
Beyond Meat's challenger, Impossible Foods, publicly announced in early May the best IPO of 2019. Beyond Meat's market value was $ 1.46 billion, but its market capitalization soon surpassed $ 4 billion. dollars. According to a study by Grand View Research in 2018, the world market for meat substitutes will reach $ 5.81 billion in 2022. This market was only $ 3.71 billion in 2016.
Until now, Impossible Foods and the plant-based hamburger industry in general have focused more on the many benefits of crop consumption for human health and the environment, as opposed to the livestock. I am sure that the product product appearance, which does not require slaughter, with nervous systems, floats in the minds of the leaders of all these companies, but it is a strategy pretty savvy marketing. only on the back burner for the moment.
After trying an Impossible Burger myself, some people with whom I discussed it made fun of it. They insisted that it could not be as good as beef and said they would never give up the real McCoy. But my next question, to which none of them had a good answer, was, "Why not, if you can not feel the difference?"
Excessive demonstrations of affection for meat have become a tribal cultural signal. It's not just the taste of the hamburger. But stay with me here: I do not come for your bacon. I hunt. When I drive my motorcycle, I am wrapped in more leather than a group tribute to the Queen. Before going to law school, I even worked in the meat packing plant in my hometown.
Working in the meat packaging industry has been a good experience. I liked the guys – and that was just about every guy – with whom I worked. My job was part of the maintenance team. I was able to see all parts of the factory, from the brutal cold of the explosion freezer to the stifling heat of the compressor room. My favorite place was on the roof, where you could watch trucks lorry entering to unload a load of live steers. But from time to time, up there, you heard a gunshot from the barn. It made me paradoxically sad. This meant that one animal was not healthy enough to walk to his own death and therefore had to be shot outside. It only took him a few minutes less than the others, he was killed humanely and was treated with dignity until the end. Yet seeing the head of these large beasts hanging limply at the bucket of a skid loader on the way to the rendering plant was not particularly exhilarating.
Working in a meat packing plant did not spare me the meat. That's sure it's what allowed me to appreciate what goes into every delicious bite of a 100% beef burger. Someone killed and something died for these hamburgers. I do not want people to swear to eat meat, but I would like them to have a little more respect for where they come from. Keep an open mind on the best ways to reduce our thirst for meat in society.
Now that I'm depressed and probably you too, go comfort yourself by trying one of these new meatless burgers. They are really good. And do not worry, accepting the products and the fuzziness that companies such as Impossible Foods and Beyond Meat make in the world of IPOs does not mean that we are all moving towards an apocalyptic meatless society. But maybe that means we'll all do a little bit better, little by little, for what we eat.
Jonathan Wolf is a litigator in a mid-size, full-service business in Minnesota. He also teaches as assistant professor of writing at the Mitchell-Hamline Law School. He has written for a wide variety of publications, and is a professional and a pleasure to possess financial and scientific knowledge. All opinions that he expresses are probably pure gold, but are nevertheless only his own and should not be attributed to an organization to which he is affiliated. In any case, he would not want to share the credit. It can be reached at [email protected].
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