Vegan food company Meatless Farm has unfortunately made staff redundant, and insolvency firm Kroll has been appointed to advise on the company’s options. Despite stocking major UK supermarkets and generating over £11 million of sales in 2021, the company’s website now states that it is “currently unavailable.”
According to commercial director Tim Offer, “the business has unfortunately made all the teams redundant.” Similarly, interim finance executive John Loughrey remarked that “sadly things have not worked out for Meatless Farm so I am now looking for my next assignment.”
This news comes amidst a dip in sales of meat-replacement products. Research by NielsenIQ revealed that such sales fell to £37.3 million, or 7.4%, in 2022. Additionally, while Meatless Farm made up just 1.2% of the market, their competition Beyond Meat accounted for 3.3%.
The crowded vegan food segment has consistently seen a glut of products on the market, with supermarkets pushing their own ranges and outstanding brands. Nonetheless, it appears that consumers have finally begun to decide which products they prefer. As Euromonitor industry manager and food researcher Tom Rees stated in an interview with BBC News, “now consumers have decided which ones they like.”
It is unfortunate to hear of Meatless Farm’s current difficulties amidst the competitive plant-based landscape. However, it is important for companies to continue to innovate and differentiate themselves in order to succeed in this market.