Producers of vegan and vegetarian meat alternative products, Quorn Foods have reported a staggeringly high sales performance. Within the last year, revenues grew a record 16%, taking their overall revenue to £205 million.
The company previously received investment for international expansion. They now sell to 20 different markets. Quorn says this has “paid off”; European sales alone increased by 27% while American and Australian sales both increased by 35%.
While the company has added to their range of food products over the past year, Quorn pinpoints their rapid sales growth to a global shift towards vegetarian and vegan diets. Last month saw the most successful ‘Veganuary’ to date, with upwards of 115,000 participants registered.
A combination of greater awareness of animal agriculture’s impact on the environment, animal welfare concerns and health issues has led more and more people to rethink what they eat and steer away from a diet traditionally heavy with animal products.
“Around the world we are seeing a significant increase in meat-reduction diets, including both flexitarianism and veganism,” says Kevin Brennan, CEO of Quorn Foods. “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.”
Brennan adds that the company is pursuing further investment opportunities and a strategy intended to make Quorn Foods a business worth one billion dollars before 2027. “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.”
While meatless food has a lower carbon footprint and requires fewer resources to produce than animal products, Quorn isn’t stopping there. They recently invested £2m in a power and heat plant, teaming up with waste management giant Veolia. The move is part of Quorn’s ongoing plans to reduce their environmental footprint.
Image Credit: Quorn Foods