A segment once perceived to be lacklustre by Monde Nissin is now coming back into the limelight – Alternative Meat.
Monde Nissin subsidiary, Quorn Foods (Quorn) is now shifting its focus toward expanding its alternative meat business after recording improved margins and launching a nutrition campaign.
According to Quorn’s CFO Nicholas Cooper, “The campaign that’s underway in 4th quarter focuses on our frozen ingredients range with the biggest frozen campaign that we’ve seen in 3 or 4 years.”
Earlier this year, Quorn unveiled its multi-million-pound campaign aimed at positioning its products as high-protein and additive-free, a move expected to lessen consumer skepticism over highly processed food.
For meat alternative products, Quorn aims to slow down its sales decline through its ‘Nothing to Hide’ campaign for its frozen ingredients, which it has just launched,” said Monde Nissin CEO Henry Soesanto. Revenue from the meat alternative business declined by 1.1% in the 3rd quarter and 3.9% as of end-September. This shows marked improvement from the high single-digit volume decline that it experienced in the past.
Soesanto added that while the meat alternative category remains challenging, the improvement in EBITDA demonstrates that its initiatives are making steady progress.
Monde Nissin acquired UK-based Quorn in 2015, and since then the road has been very bumpy.
