Meat alternatives firm Quorn Foods has posted double digit growth year-on-year for the first half of 2018.
Announcing its H1 figures, the UK-based food group said that it wants to become a global player in the category in the next decade.
Towards A Billion Dollar Business
In the first half of 2018, Quorn saw sales of £112 million, a growth of 12% over the same period last year. 2017 was already a record year for the company, which saw it experience its biggest growth yet.
Speaking about the latest figures, Quorn Foods chief executive Kevin Brennan said he was very confident about the future of the company. “With category momentum we are confident we can become a $1 billion business in under 10 years," he commented in a statement.
The company also announced a £7 million investment in a new R&D centre to support its ambition of becoming a global leader in the category.
International Growth
Speaking about the investment and the future of the company on an international level, Brennan added, "We are seeing lots of Silicon Valley investment and hype in this space but we have already built up 30 years of expertise in the meat-free category.
"With our renewed investment in R&D we expect to lead the way for decades to come. We hope to demonstrate that there are great British businesses in the North that can win on a global stage."
Quorn has been performing well internationally - the company's Australian sales were up 50%, and its US sales rose 23%. Its products in the American chain Kroger were the fastest-selling in the category, according to Brennan, who added that the company believes it can maintain this level of performance in the future, with ongoing investment.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Matthieu Chassain. Click subscribe to sign up to ESM: European Supermarket Magazine.
