Quorn defies slowing FMCG sector with 19% H1 sales growth
In an FMCG sector that is flat lining and predicted to face difficult, the meat substitute market is rebounding with Quorn posting an H1 19% global growth.
Quorn also announced a £150m investment in its Billingham facility, creating hundreds of jobs in Teesside and North Yorkshire, UK, over the next five years, making it the largest of its kind in the world.
Quorn Foods achieved 15% growth in the UK market in H1 of this year, with an overall growth rate of 19% globally. The sustainable and healthy protein product, which is exported globally, is expected to become a billion dollar brand by 2027.
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“We are proud to be contributing to the UK’s export drive and to be investing in a British innovation that is vital to addressing the future need for protein across a growing global population,” said Quorn Foods CEO, Kevin Brennan.
“Our growth will continue as expected, regardless of the Brexit deal that is reached. In fact today’s investment is indicative of our confidence in becoming a billion dollar brand in the next 10 years.”
Growth has been strong in the EU, where Quorn Foods continues to invest. The company has however, driven aggressively outside the EU. The US business is up 40%, Australia 35% and Asia, a new market for Quorn Foods, is also succeeding.
There has been a continuous growth in the adoption of plant based products all over the world. Growing awareness about the consequences of consuming animal based products have resulted in the growing demand for meat alternative products.
Health related institutions have also taken the initiative to raise awareness about health-related issues that arise due to the consumption of red and other meat. Hence, people are becoming more conscious about their health and turning to products such as Quorn to form part of their diets.