Monde Nissin ushers Quorn to Asian market

Banking on research numbers that forecast the meat alternative market growing at a compounded rate of 8.4 percent a year to reach $5.2 billion in Asia by 2020, the UK's Quorn Foods has sets its sights on the region.

The company was taken over by Monde Nissin Corporation, maker of Lucky Me instant noodles, in an $831-million deal late last year.

Fresh from that corporate takeover, Quorn said on Tuesday it "... is easing its way into the region and banking on the network of the Philippine-based food company."

Eighty percent of the meat alternatives market is concentrated in Europe and North America, while approximately 12 to 15 percent is in Asia.

"A report by Allied Market Research predicts that the industry can reach a value of $5.2 billion by 2020, with a forecasted compounded annual growth rate of 8.4 percent. The same report mentions Asia-Pacific as the faster growing market," said Quorn.

At the sidelines of the Great British Festival in Bonifacio Global City, Quorn CEO Kevin Brenan told reporters the company is veering off the usual track of catering mainly to the US and UK markets for meat alternatives.

"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,” noted Brenan.

Quorn claims its products are vegetarian with a gluten-free and vegan range. Its main ingredient is mycoprotein – a natural protein high in fiber – has 85 percent less saturated fat than lean beef, and has zero cholesterol.

“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," Brenan said.

"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,” he added.

Monde Nissin completed the acquisition of the UK 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.

The Philippine company beat competition from some global food giants to clinch the deal for Quorn, which had sales of £150.3 million in 2014. UK-based investment firms Exponent Private Equity and Intermediate Capital Group were Quorn's owners.

In the last 18 months, the company acquired three other entities that included Black Swan Dips and Yoghurt, Nudie Juice, and Menora Foods – all based in Australia. – VDS, GMA News