© Quorn Foods
Quorn Foods will invest £150 million in its manufacturing facility in the UK, as it aims to become ‘a billion-dollar brand’ by 2027.
The investment in Billingham, in County Durham, will add hundreds of new jobs over the next five years and increase capacity for the production of meat-free foods. Some of the new jobs will be in operations once the expansion is completed, while indirect jobs will be created in plant construction and key support services.
Overall, the move is expected to turn Billingham into the largest facility of its kind anywhere in the world.
The company is aiming to meet demand for its mycoprotein-based meat alternatives from outside the European Union (EU) – including markets like the US, Australia and Asia, where it has seen increased interest in recent years.
According to CEO Kevin Brennan, Quorn is confident of growing exports despite the UK’s decision to leave 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. In fact, today’s investment is indicative of our confidence in becoming a billion-dollar brand in the next ten years.”
Quorn produces a range of value-added meat-less products, such as burgers and nuggets.
Quorn Foods is scheduled to announce its first-half results on Monday. It is largely expected to deliver a period of growth.
Its ambition to become a billion-dollar business is rooted in the growth of ‘flexitarian’ diets, where consumers mostly eat plant-based foods but still consume meat on occasion. According to the Food and Agriculture Organization (FAO) of the United Nations, consumption of meat in both industrial and developing economies has risen consistently – by 34kg and 21kg per person respectively – over the last 50 years.
But sales last year of £158.1 million – equivalent to just over $200 million – shows the audacity of its ten-year strategy and the size of the task ahead of it.
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 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 and chicken pieces.
© FoodBev Media Ltd 2024