Sales fell by 6.9% to £205m in the last financial year, prompting the company to shed nearly 100 jobs as part of a restructuring programme. Quorn’s sales across retailers dropped 8.6% in the 12 months leading to December 2023, reflecting a broader decline in the popularity of veganism in the UK.
The downturn comes as inflation and rising costs for energy and ingredients put additional strain on the company. Marlow Foods’ overall workforce decreased from 934 to 874 last year as it sought to control costs amid a challenging market environment.
Marlow Foods’ CEO, Marco Bertacca, acknowledged the difficulties, stating, “Twenty twenty-three was a challenging year where high inflation and interest rates continued to put pressure on consumers and on the cost of producing our great food.” He added that despite efforts to minimise price increases, the company’s attempts to maintain affordability led to losses.
The slump in the plant-based industry has affected other brands as well, with companies like Meatless Farm and VBites collapsing into administration. Market data shows sales of chilled meat alternatives fell by 9.7% in the 12 months to May, further reflecting the industry’s struggles.
Despite the challenges, Bertacca remains confident in Quorn’s mycoprotein technology, which uses a fermented fungus to create protein-rich alternatives: “We truly believe that there’s nothing quite like mycoprotein. Fungi and fermentation can be the protein solution the planet needs.”
Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the 'covid era' and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine's coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
