Global food and personal care company Hain Celestial recently disclosed its financial performance for the previous fiscal quarter and outlined first-quarter expectations for 2024, with a notable focus on the positive outcomes within its meat-free category, demonstrating increased sales and market share.
While based in the US, Hain Celestial has a global presence, marketing and selling products in over 75 countries. The company focuses on natural and organic offerings, including plant-based products under well-known brands like Yves Veggie Cuisine, founded by Yves Potvin also of Konscious Foods; Earth’s Best and Imagine Foods in North America; Joya and Lima in Europe; and Linda McCartney’s in the UK.
“We continue to believe in the long-term growth potential of the global meat-free category”
Despite a decrease in net sales, attributed primarily to challenges in the baby and kids categories due to industry-wide issues in organic formula supply, Hain Celestial remains optimistic about its recently introduced ‘Hain Reimagined’ growth strategy, which is driven by the company’s better-for-you brands.
President and CEO of Hain Celestial, Wendy Davidson, highlighted the progress in initiatives such as the company’s Garden Veggie line and better-for-you beverages, showcasing strength in non-dairy beverages in Europe, stating in a press release: “During the quarter, we unveiled Hain Reimagined, our bold strategy to transform the business and deliver sustainable, profitable growth.”
Positive market share developments were noted by Just Food, reporting that Yves Veggie Cuisine’s market share rose by 2.7% in the fresh segment and 0.7% in the frozen segment in Canada. Additionally, Linda McCartney’s in the UK is reportedly showing promising growth ahead of the launch of a new meat-free burger next year.
Davidson said to Just Food, “We continue to believe in the long-term growth potential of the global meat-free category as consumers are seeking veg-forward, flexitarian, and vegetarian options that deliver on taste and convenience.”
