Quorn, the world-leader in meat alternatives, is now turning to Asia as its newest domain. Fresh from a USD 831-million takeover by Monde Nissin Corporation, Quorn is easing its way into the region and banking on the network of the Philippine-based food company.
To date, 80% of the meat alternatives market is concentrated in Europe and North America, while approximately 12 to 15% is in Asia. A report by Allied Market Research predicts that the industry can reach a value of 5.2-billion USD by 2020, with a forecasted compounded annual growth rate of 8.4 percent. The same report mentions Asia-Pacific as the faster growing market.
“Such is the case because most players prioritized the U.S. and U.K. markets early in the game, but the global trend towards better health, complemented by Asia’s economic growth and increasing domestic consumption means we have an opportunity to grow the business significantly,” said Kevin Brennan, Chief Executive Officer of Quorn at the sidelines of the Great British Festival, Bonifacio Global City.
He added, “There are a lot of meat alternatives whether from soy, wheat or mycoprotein, but combined, these account for only a fraction of the red meat market. Going to Asia means having the opportunity to create awareness about this new category and its benefits, as well as ensuring availability of high-quality products on shelves. With Monde Nissin, we are now in a better position to do that.”
Emerging Global Food Company
Monde Nissin Corporation completed the acquisition of the British company in the fourth quarter of 2015. It counted as one of the largest acquisitions by a Southeast Asian firm a move that coincided with Monde Nissin’s thrust to further diversify its portfolio and become a global food company.
In the last 18 months, the company acquired three other entities with category leadership in their respective industries, namely: Black Swan, Nudie, and Menora Foods, all based in Australia.
Monde Nissin is the company behind the iconic, market-leading brand, Lucky Me!, which penetrates close to 100% of Filipino households. Among its other products are Monde Special Mamon, Bingo Cookie Sandwich, and Nissin Wafer.
Quorn is a deliciously healthy meat alternative with a full range of great tasting products from ingredients that allow you to cook from scratch, to ready-to-eat/ready to cook options. All Quorn products are vegetarian and it also has a gluten-free and vegan range. Its main ingredient is mycoprotein a naturally healthy protein that is high in fiber, has 85% less saturated fat than lean beef, and has zero cholesterol.
Quorn is the world leader in meat alternatives, with over three billion servings made over the last 30 years.
For more information, visit www.Quorn.com.