Shicken, a UK-based vegan ready-meal maker, is setting its sights on profitability in 2025 after its recent launch in the US. Co-founder Parm Bains revealed that the company is projecting a five-fold increase in revenue, targeting £5.6m ($7m) following its US expansion. The plant-based ready-meals are now stocked in 410 Sprouts Farmers Market stores across the US, marking the company’s sixth international market.
Bains emphasized the international growth potential for Shicken, citing oversaturation in the domestic market. With a manufacturing site in Dartford, Kent, capable of producing 20,000 metric tonnes (of which only 15% is currently utilized), the company is well-positioned for further expansion both nationally and globally. Bains shared that 70% of the business focus will be on the international market, with 30% on the domestic market.
The company recently secured £4m ($5m) in its second round of funding from vegan investment fund Veg Capital, bringing total investments since its inception in 2020 to £6m. Bains highlighted that this funding will support facility enhancements, team growth, and global expansion to ensure a positive impact on the food supply chain.
Shicken offers a diverse range of plant-based products, including Indian-style curries and vegan kebabs, all made with a blend of soya, wheat, and pea protein. The company is exploring opportunities for own-brand and private-label manufacturing, with plans extending into late 2024 and beyond.
In terms of market dynamics, Bains observed a maturation in the plant-based sector, with higher-quality products gaining prominence over lower-quality alternatives. As consumer behaviors evolve amidst current economic challenges, Shicken remains focused on quality and consumer engagement to drive sustained growth.
Looking ahead, Shicken aims to further expand its presence in foodservice channels, leveraging partnerships with companies like Sysco in the US and Costco in various European markets. Bains emphasized the importance of quality in a competitive landscape where consumers are increasingly discerning in their purchasing decisions.
As the plant-based industry continues to evolve, Shicken remains committed to delivering ethical and sustainable products while pursuing global growth opportunities. With a strategic focus on quality, innovation, and consumer engagement, the company is poised to make a meaningful impact in the food and beverage industry.
