Plant-based meat alternative brand LoveSeitan has stopped trading following slower than expected sales of its products.
The brand produced a range of seitan (a high protein meat substitute made from wheat gluten and water) products, such as Facon Bacon and Seitan Pepperoni, to leading UK supermarkets.
LoveSeitan supplied Aldi with meat-free pie, Sainsbury’s Plant Pioneers with pizza and No Steak Bake, and Tesco with No Meat Pie for the retailer’s Plant Chef own-label range, The Grocer reported.
Additionally, the firm provided plant-based products to grocery retailers including Co-op, Whole Foods Market and Planet Organic and worked with Bidfood, Brewdog, Hunt’s Foodservice and Purezza in foodservice.
However, the brand announced on LinkedIn that it would no longer be trading after six years in operation.
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Co-founder Steve Swindon said: “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.
“It has been an incredible journey and I’m grateful for every minute of it but it’s time to move on to something new.”
This comes as other plant-based meat alternative brands have also struggled with slow sales in recent months as 73% of vegan shoppers are actively trying to make savings on their grocery bills.
Earlier this week, Beyond Meat missed second quarter net sales estimates and cut its annual revenue forecast for 2023 to £238m and £299m, down from prior expectations of between £295m and £326m.
