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Quorn sets sights on becoming a ‘billion-dollar business’

23rd Jul 2018 - 10:30
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Meat-free brand Quorn is ‘on track to become a billion-dollar business’ by 2027 after recording its strongest year of growth in 2017.

In its H1 2018 financial update, the company revealed overall like-for-like sales rose by +12% – reaching £112 million in the first six months alone.

And with popularity of vegan and vegetarianism continuing to grow, the company sees no sign of slowing down.

In fact, since signing a deal with American chain Walmart - the world’s biggest retailer - in 2013, it has only continued to expand internationally.

Exporting its products to 20 countries worldwide, Quorn adapts the product range to suit each market, including Australia, South Africa and the US.

Chief executive Kevin Brennan said: "With category momentum, we are confident (Quorn) can become a $1bn business in under 10 years

“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. We are already seeing amazing growth internationally: Australian sales are up 50% and US sales are up 23%.

"In the US supermarket giant Kroger, we now have the fastest selling product in the category. With continued investment we believe we can continue this level of performance.”

A brand new, £7 million global innovation centre is planned to start construction in the northeast later this summer, in a bid to create a “high-tech British powerhouse” in the meat-free industry.

Written by
Edward Waddell