As the debate over meat consumption evolves, Impossible Foods CEO Peter McGuinness advocates for a strategic shift in how plant-based companies approach marketing to compete with the traditional meat industry. McGuinness proposes moving away from highlighting climate impact and instead emphasizing the quality of the product itself. His adaptable and introspective approach serves as a valuable case study for remaining relevant in the ever-changing landscape of the food industry.
This excerpt is from an interview on Rapid Response with Bob Sapian, former editor-in-chief of Fast Company. Rapid Response, a podcast by the team behind Masters of Scale, offers candid conversations with leading business executives facing real-time challenges. Subscribe to Rapid Response on your preferred podcast platform to stay updated on new episodes.
Reflecting on the recent cooling market for plant-based foods, do you find these challenges expected or surprising?
McGuinness views the recent market corrections as a necessary adjustment rather than a decline. Recognizing the need for change, he aims to tap into the vast potential of the traditional meat market, rather than focusing solely on competing within the plant-based market. His goal is to target the $1.4 trillion animal market, rather than fighting for a share of the $8 billion plant-based market.
Addressing concerns about the healthiness of plant-based diets, how do you respond to industry myths and misinformation?
McGuinness acknowledges the smear campaign against plant-based meat and the misconceptions perpetuated by the meat industry. He highlights the need to dispel these myths and clarify that plant-based products are indeed healthy, being made from plants. Rather than engaging in a battle with the animal industry, he emphasizes the importance of offering a positive alternative for consumers without judgment.
How do you navigate the political landscape surrounding plant-based foods and the potential controversies it can generate?
McGuinness advocates for a shift in the industry narrative from being against traditional meat to being in favor of providing better food options for all consumers. He encourages inclusivity and aims to bridge the gap between meat eaters and plant-based products, moving away from a polarizing and politically charged approach to a more welcoming and inviting one.
How do you think plant-based companies should collaborate to address shared challenges and drive industry growth?
McGuinness emphasizes the importance of unity among plant-based companies to advance the overall market and not just focus on individual gains. By fostering collaboration and mutual support, the industry can work together to expand the market and make a greater impact on both consumer choices and climate preservation.
While climate change is a core mission for your business, how do you balance this with the need to market your products effectively?
McGuinness acknowledges the importance of combatting climate change through promoting plant-based alternatives. However, he recognizes that consumer engagement is best achieved by prioritizing taste and nutritional benefits over environmental messaging. By positioning the company as a tech-enabled food innovator, McGuinness aims to balance the mission-driven aspects of the business with consumer appeal and product quality.
Is patience a key factor in your approach to changing consumer eating habits, despite the need for immediate action?
McGuinness acknowledges the challenge of shifting deeply ingrained eating habits and emphasizes the need for both patience and urgency in effecting change. While progress may be gradual, the ultimate goal of transforming consumer behavior towards more sustainable food choices remains a top priority for Impossible Foods.
