UK’s renowned meat substitute brand Quorn is reportedly investing £7 million on a research and development facility headquartered at North Yorkshire. As per sources, the establishment of this facility comes on the heels of the rising popularity of veganism.
According to Kevin Brennan, Quorn’s chief executive, the company witnessed a 12% rise in sales to £112 million within the first six months of 2018. To ensure that Quorn keeps up with the competition, the company is set to step up innovation by developing its own juicy vegan burger, claim sources. Although most products by Quorn contain egg, the rise in veganism has resulted in a rapid development of plant-based food. Brennan also believes that nobody, but Quorn can produce a variety of high-quality vegan products and the firm would most certainly like to hold on to that advantage.
Reportedly, Quorn, which makes vegan meat from a mycoprotein fermented from a fungus will benefit fairly from the rising growth in vegetarianism and flexitarians. The global market for meat alternatives and vegan foods is rising between 10% and 20% a year, while the UK market is on a 15% rise, claim estimates.
Brennan sees a global shift in consumer’s food preferences, especially the youth, who are beginning to form concerns around health and sustainability. It doesn’t necessarily intend a rise in young vegans but a decrease in meat consumption among youngsters is definitely on the rise, he says.
About 100 new staff, including the North Yorkshire based research and development team, are expected to join during the year ahead. Despite a decrease in growth in the recent months, Quorn is aspiring to reach £760 million worth of sales by 2027.
Besides the UK, the company is seeing a global increase with 50% rise in Australian sales and a 23% rise in the U.S. as the fastest selling product in the meat-free category, since the last six months. With continuous capital pouring in, Brennan stated that Quorn will continue to continue its winning streak in the future.