Jobs will be created in Teesside and North Yorkshire, covering production, construction and factory support, Quorn Foods said. The multimillion pound investment will be used to expand the manufacturer’s Teesside factory, in a bid to become a billion dollar brand by 2027.
Quorn Foods ceo Kevin Brennan said: “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.
‘Billion dollar brand’
“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 10 years.”
The manufacturer’s “billion dollar potential” was due to the rise in the ‘flexitarian’ diet, and a move by people toward reducing their consumption of meat. The flexitarian diet was not a trend, or food fad, but was about choosing protein-based foods that were healthy for the consumer and the planet, Quorn said.
Quorn was meeting the needs of the global population that needed healthy and sustainable protein sources, it said.
15% rise in sales
Quorn Foods also reported a 15% rise in sales in the UK over the first six months of its financial year. Sales increased 19% globally, it reported this week.
While growth in the EU was “strong”, sales in the US were up 40%, 35% up in Australia and Asian sales were “also succeeding”.
Meanwhile, in May, it was predicted that the meat substitute market would reach global sales of £4bn ($5.2bn) by 2020. Allied Market Research forecast the market to grow by 8.4% between 2015 and 2020.
Quorn Foods investment – at a glance
- £150M investment at Billingham, Teesside factory
- Creating more than 300 jobs over five years
- Jobs in production, construction and factory support