300-plus jobs will be created over the next five years following Quorn Foods’ £150M in its Billingham factory. This was revealed by the company on July 24.
According to the meat alternative manufacturer, the jobs which will cover production, construction as well as factory support will be created in Teesside and North Yorkshire. Quorn Foods are making an effort to turn into a billion dollar brand by 2027 and plan to use the multimillion pound investment to expand their Teesside factory.
A “billion dollar brand’
Quorn Foods CEO Kevin Brennan was reported saying: “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.
Talking about the company’s anticipated rate of growth, Brennan had this to say: “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.”
According to Quorn Foods, its “billion dollar potential” can be attributed to the increase in the ‘flexitarian’ diet coupled with a move towards cutting their meat consumption. The flexitarian diet was neither a trend nor food fad. Rather, it was to do with selecting protein-based foods that are healthy for not just the consumer, but also the planet.
The global population needed both healthy and sustainable protein sources which the company said it was actually meeting accordingly.
15% increase in sales
A report by Quorn Foods this week also indicated a15% increase in sales in the United Kingdom over the initial six months of its financial year, while its global sales rose 19%.
Although growth in the EU was reportedly ‘strong’, sales rose 40% in the US, 35% in Australia and were said to be ‘also succeeding’ in Asia.
In the meantime, in May, the meat substitute market was projected to hit global sales to the tune of £4bn ($5.2bn) by 2020. According to forecast by Allied Market Research, the market will increase by 8.4% between 2015 and 2020.