LoveSeitan, a UK plant-based brand, stops trading after six years.
- The company faced unexpected slow sales, leading to its closure.
- LoveSeitan supplied major UK retailers with plant-based products.
- Economic factors and market conditions impacted the brand’s performance.
- Other plant-based brands also experience sales challenges recently.
LoveSeitan, a producer of plant-based meat alternatives, has announced the cessation of its operations following a significant downturn in sales. The company, known for its innovative seitan products like Facon Bacon and Seitan Pepperoni, made its products available through leading UK supermarkets. Over the years, LoveSeitan established a presence in major retail outlets such as Aldi, Sainsbury’s, and Tesco, providing items like meat-free pies and pizza toppings. Despite the strategic partnerships with these retailers, the brand could not sustain its operations.
The company’s announcement of closure was made public via LinkedIn, marking the end of nearly six years in the business. Steve Swindon, Co-founder of LoveSeitan, remarked on the difficulties faced: “After almost six years, we are closing our doors. Tough market conditions and increasing costs have contributed to this but, at the end of the day, we could not convince enough people of the benefits of seitan.” This statement highlights the challenging landscape for plant-based products, which are confronting both economic and consumer-related hurdles.
The financial pressure on LoveSeitan mirrors a broader trend in the plant-based industry, where many brands are grappling with declining sales figures. A recent report noted that 73% of vegan shoppers are actively seeking ways to cut their grocery expenses, reflecting a shift in consumer spending. The financial struggle is not isolated to LoveSeitan; other major players, such as Beyond Meat, have also reported downturns. Earlier this week, Beyond Meat missed its second quarter sales estimates and adjusted its revenue forecast significantly for 2023.
The closure of LoveSeitan underscores the growing challenges faced by the plant-based sector amidst economic pressures.
