Quorn Foods on the way to billion-dollar goal with 16% global growth
Meat-free foods company Quorn, which is aiming to become a billion dollar business by 2027, says it has achieved its strongest ever year of growth in 2017 with sales totalling £205m for the year.
The Stokesley-based company, which exports to 20 different markets across the world, reported an overall growth rate globally of 16%.
The company’s billion-dollar ambition is grounded in the fact that many consumers are now choosing to eat less meat for a combination of reasons.
While health is the leading factor, Quorn said demand is accelerating due to an increased awareness of the environmental impact of meat production. This is leading to a reduction in meat consumption, and in many cases, to a complete shift to vegan diets, underlined by the growing popularity of Veganuary which is now expected to have over 150,000 registered followers globally.
“Around the world we are seeing a significant increase in meat-reduction diets, including both flexitarianism and veganism. The vegan trend is something that Quorn Foods is responding to with the launch of more and more vegan products such as Quorn Vegan Chicken-free Slices, Quorn Vegan Hot and Spicy Burger, and Quorn Vegan Fishless Fingers, which are winning around the world,” said Quorn Foods CEO Kevin Brennan.
“Choosing to eat Quorn products is about more than choosing great tasting food. It’s about a mindful choice to care for your and your family’s health, and also for the health of the planet. What is exciting for us is that Silicon Valley firms keep talking about what they are going to do, whilst we, a great British innovation, are already delivering it having now served over four billion meals since launching in 1985. This further underlines our continued success and how much consumers love our products.
“I am extremely proud of our growth and the quality of our foods that underpins that growth. At Quorn Foods we continue to take a long term view and we plan to invest heavily into the meat-free category and maintain double-digit growth rates.”
Investment in international expansion has paid off with strong growth in Europe (+27%) and beyond.
In the US, the biggest export market for Quorn, growth in the grocery sector accelerated to 35% in 2017.
Quorn Chicken Style Nuggets are the fastest selling product within the meat-free category at US supermarket giant, Kroger.
In addition, Australia continues to enjoy 35% growth, with Quorn Vegan products the fastest selling in the category.
