Quorn lists IPO, expands its distribution in the US16 Jun 2021
Filipino owned and U.K.-based Quorn is looking for rapid growth through a publicly-funded U.S. expansion. Earlier this month, the plant-based meat analog company, which is owned by Monde Nissin, said it is targeting the U.S. as its next market in order to boost sales, Reuters reported.
In addition to targeting the largest consumer market for plant-based products globally, Monde Nissin also had its $1 billion initial public offering on the Philippine Stock Exchange. Bloomberg reported that proceeds earned from this IPO will go toward expanding the brand's presence in the United States.
Quorn has been around since the 1980s and is one of the pioneers of the plant-based movement. However, although it is a staple product, it is not one that has gained traction in the U.S. market in the same way that newcomers like Beyond Meat or Impossible Foods have. But Quorn is not looking to compete directly with these titans. Unlike these industry giants that focus on beef analogs, Quorn will pursue faux chicken options, a wise move in the U.S. as chicken is the most widely consumed protein.
Instead of simply going straight to retail when it makes its bid for the U.S. market and “to become the king of alternative chicken globally,” Quorn Chief Executive Officer Marco Bertacca told Bloomberg that Quorn will pursue a foodservice first strategy. Already the company has partnered with KFC in the U.K. to create a faux chicken burger, which the company said was enormously popular. Now, they are looking to replicate this success Stateside through partnerships with fast-food chains. The company will spend nearly 16 billion pesos ($335 million) to expand its presence in the country.
It is important for Quorn to make a successful bid for the U.S. market as plant-based products continue to experience enormous demand in the country. Over the course of 2020, plant-based food retail sales grew 27% and were worth $7 billion, according to SPINS data released by the Good Food Institute and the Plant Based Foods Association (PBFA). While that growth is impressive, refrigerated plant-based meat sales reached even more staggering heights, growing 75% in 2020. Quorn is looking to take advantage of this double-digit growth since its primary markets are currently in the U.K. and Europe, according to Bloomberg.
While Monde Nissin is eager to make the presence of Quorn better known in the U.S., it has struggled at various points since it acquired the plant-based brand in 2015. From 2017 to 2020, the compound annual growth rate of Monde’s alternative-meat sales grew a mere 5% even as other companies were logging triple-digit growth numbers.
Nevertheless, the brand remains important to the company portfolio. Last year, Quorn was responsible for 22% of Monde's net sales of $1.4 billion, Reuters reported.
Monde plans to take advantage of the well-known brand name to boost its bottom line and carve out a slice of the booming plant-based market for itself. Bloomberg reported Barclays Plc numbers that showed the global alternative-meat market increasing tenfold to account for 10% of the entire meat industry or more than $140 billion by 2029.
Monterey Mushrooms gets EU approval for vitamin D-rich mushroom powder
16 Jun 2022
Monterey Mushrooms’ vitamin D-rich mushroom powder, produced using ultraviolet (UV) to boost the nutrient content, can be sold in the EU, following novel food approval from the European Food Safety Authority (EFSA).Read more
Demand for tapioca syrup as a sweetener surges
1 Jun 2022
Seen as a better-for-you, natural sweetener, tapioca syrup is growing in demand, particularly among consumers in Asia and North America.Read more
Nestlé launches fortified dairy drink in Pakistan to tackle micronutrient deficiencies
16 May 2022
Nestlé is targeting micronutrient deficiencies with Bunyard Iron+, a fortified dairy-based drink that provides a source of iron that it says is “three times more absorbed in the body when compared to existing available sources."Read more
Tea flavour innovation in China unites tradition with modernity
13 Apr 2022
Chinese tea brands are innovating with new flavours, blends and formats, and even making a foray into food with tea-flavoured food and drink launches.Read more
Brand licensing deals rise post-pandemic as consumers seek familiar and healthier products
8 Apr 2022
Longer-term brand licensing deals between food companies have become more popular in recent times – a trend set to continue and flourish, partly thanks to the pandemic, licensing experts told Ingredients Network.Read more
China leads the global boom for probiotics
30 Mar 2022
Probiotics are experiencing a boom in global demand - particularly in China - as consumers look for functional ingredients in food and drink products that can improve their health.Read more
A new brew: Ayurvedic coffee in India, adaptogenic coffee from Finland
10 Mar 2022
Coffee is probably one of the world’s most popular functional beverages, providing millions with their daily caffeine hit. However, some brands are taking its functional benefits further by adding in botanicals, vitamins, and other nutrients.Read more
Plant proteins' next evolution: Lupin beans
7 Mar 2022
Delivering on taste, texture and health benefits, lupin beans are emerging as a viable contender in the race to dominate the plant-based protein industry. We look at some innovative startups using this ingredient.Read more
Enhanced ingredients: Using biotech to create highly functional food
4 Mar 2022
Through acquisitions, investments and internal R&D, ingredient companies are harnessing biotechnology to create healthier ingredients and more functional additives.Read more
Butter is Better: Keto is driving resurgence as a premium product
11 Feb 2022
After years of being shunned as an ingredient, fat is back thanks in large part to the popularity of the keto diet. The market for keto products is growing steadily with the global value of this category forecast to reach $15.6 billion by 2027, accordi...Read more