Quorn CEO Kevin Brennan vowed to continue the company's growth despite Brexit. © Quorn Foods
Quorn Foods has welcomed ‘unprecedented’ first-half growth, driven by non-traditional markets outside Europe.
The company recorded 19% growth globally in the first six months of the year, with 15% growth in its home market of the UK.
Growth has been strong in the European Union (EU), where Quorn Foods continues to invest in its business. But the biggest highlight is in markets beyond the EU, where Quorn said it had ‘driven aggressively’: its US business was up 40%, Australia was up 35%, and Asia – a new market for the company – was also doing well.
The boss of the UK-based business, Kevin Brennan, has reiterated his confidence in the business in spite of the country’s decision to withdraw from the EU.
“We are proud to be contributing to the UK’s export drive and to be investing in a British innovation that is vital to addressing the future need for protein across a growing global population,” Brennan said. “Our growth will continue as expected, regardless of the Brexit deal that is reached.”
The results come as FoodBev revealed that Quorn would invest £150 million in its factory in County Durham.
The site in Billingham would become the largest facility of its kind anywhere in the world, according to the company.
It is also aiming to become a ‘billion-dollar brand’ by 2020, driven by wider availability and increased demand for its meat alternatives.
The company uses mycoprotein – derived from fungi – which is low in saturated fat and produces fewer greenhouse gas emissions per pound of product. Commercial production of beef, and other meats, is resource-intensive and largely regarded as unsustainable, given the world’s growing population and an increasing demand for protein.
Beef production alone leads to 140 billion kilograms of methane emissions every year, hence the rise in alternative proteins like edible insects and mycoprotein.
Quorn turns the product into a range of meat substitutes and added-value foods, including ready meals, burgers and chicken-style pieces.
Acquired by Monde Nissan in 2015, it is headquartered in the north of England.
© FoodBev Media Ltd 2024