Marlow Foods Ltd (Quorn)


Markets: UK, Nl, Be, USA, Switz, Swe, Dk, Austral, Germany, Fra

Food Strategy Associates undertook a review of the global meat substitutes market and an assessment of Marlow Foods Limited, owner of Quorn on behalf of a PE investor considering an investment in the market

We assembled a team of Associates with meat substitute market experience in the UK, Germany, USA, Nordics and Australia and collected market data on all of these and other geographic markets. We focused our analysis on the UK market, the largest in Europe and secondarily on markets across Continental Europe, and the USA. We looked at historical segmental performance, share development, drivers of market growth and factors influencing both short and long term growth potential.

We reviewed drivers of market performance and the challenges faced by new entrants into markets, particularly focused on the USA, France, Germany and the UK.

We assessed the competing technologies including Quorn/mycoprotein, soya and tofu, wheat-based proteins, milk-based proteins and pea-based proteins on taste, texture, health and environmental credentials and overall product delivery. We developed detailed profiles of competitors, their financial performance and their performance in different geographies in order to assess their relative strengths.
We developed entry cost models for key markets based on relevant market benchmarks and developed an investment thesis for alternative acquisition strategies and recommended options for our client to pursue.