Marlow Meals, the father or mother firm of plant-based model Quorn, has reported a £63m loss as demand for meat alternate options continues to wane.
Gross sales fell by 6.9% to £205m within the final monetary yr, prompting the corporate to shed almost 100 jobs as a part of a restructuring programme. Quorn’s gross sales throughout retailers dropped 8.6% within the 12 months resulting in December 2023, reflecting a broader decline within the reputation of veganism within the UK.
The downturn comes as inflation and rising prices for vitality and components put further pressure on the corporate. Marlow Meals’ total workforce decreased from 934 to 874 final yr because it sought to manage prices amid a difficult market atmosphere.
Marlow Meals’ CEO, Marco Bertacca, acknowledged the difficulties, stating, “Twenty twenty-three was a challenging year where high inflation and interest rates continued to put pressure on consumers and on the cost of producing our great food.” He added that regardless of efforts to minimise worth will increase, the corporate’s makes an attempt to take care of affordability led to losses.
The stoop within the plant-based business has affected different manufacturers as nicely, with corporations like Meatless Farm and VBites collapsing into administration. Market information reveals gross sales of chilled meat alternate options fell by 9.7% within the 12 months to Could, additional reflecting the business’s struggles.
Regardless of the challenges, Bertacca stays assured in Quorn’s mycoprotein know-how, which makes use of a fermented fungus to create protein-rich alternate options: “We truly believe that there’s nothing quite like mycoprotein. Fungi and fermentation can be the protein solution the planet needs.”
