Deliciously Ella CEO: Mimic Meat Sales Drop, but Plant-Based Industry Still Has Potential

The CEO of Deliciously Ella has indicated that mimic meat brands are likely to continue facing challenges, but there remain significant growth opportunities within the natural plant-based sector. Mimic Meat Sales Drop, but Plant-Based Industry Still Has Potential.

In an interview with Grocery Gazette, chief executive Matthew Mills explained that the plant-based industry has experienced a “bifurcation,” with mimic meat products seeing a “substantial decline” as investors overestimated consumer demand. Conversely, he noted that the natural side of the plant-based market is still thriving.

Mills remarked, “When people were preparing investor presentations five years ago for mimic meats, they projected a market size that would be enormous, but it has turned out to be much smaller than anticipated.” He emphasized that while meat mimics will still have a role in the market, it is not as large as many predicted. “We believe that the growth in the natural plant-based sector will continue as it has been.”

Discussing future prospects for Deliciously Ella, which was recently acquired by Swiss manufacturer Hero Group, Mills stated that the decline in consumer interest in meat alternatives would not adversely affect the brand. “We’ve never focused on mimics, so we haven’t been impacted by that. We wouldn’t be able to create a mimic with the ingredient profiles we use. We believe this trend will persist,” he added. Mimic Meat Sales Drop, but Plant-Based Industry Still Has Potential, reinforces the idea that natural plant-based options can thrive despite challenges in the mimic meat market.

Mills’ comments come in light of Marlow Foods, the owner of Quorn, recently reporting a £63 million loss for the 2023 financial year, with sales declining by 6.9% to £205 million, marking the lowest figures since 2017. Other plant-based brands have also faced difficulties, with Meatless Farm and Heather Mill’s VBites entering administration, while companies like Beyond Meat are working to recover from a downturn in sales.