Vegan food manufacturer Gosh Food has returned to growth after a tricky two years for the plant-based category, posting a 2% rise in revenues.
Winning considerable gains in its grocery and B2B channels, at 19% and 22% respectively, Gosh overcame a tough foodservice and discounter market to raise revenues to £18m overall in the year to 31 December 2024.
However, it remained in the red, with pre-tax losses of £2.5m, an improvement on £3m in 2023.
“The Gosh brand delivered significant awareness, market penetration and share gains for both our core product range and NPD,” said managing director Jason Belmont.
“While cost of living impacted our foodservice channels and some ranges in discounters, leading to single-digit declines, looking forward we are confident about our proposition.”
About 2.5 million shoppers left the meat-free category in 2024, according to NIQ estimates.
Yet much of the category’s troubles have been focussed on ‘meat mimics’, which are particularly vulnerable to consumer concerns over UPFs and higher price tags.
“In 2024 we saw the trend of ‘natural’ products outperform meat mimics by more than 10 percentage points, with ‘natural’ posting year-on-year growth compared to meat mimic declines,” Belmont said.
“With natural plant-based products going from strength to strength, to meet evolving consumer health concerns, we believe this strong performance will continue into 2026 as the total plant-based market begins to return to growth, led by ‘natural’ offerings.”
Gosh’s return to growth has not yet reversed the company’s losses. While EBITDA improved to a loss of £1.3m, from £1.6m in 2023, the company has accelerated its plans for profitability in 2025.
“Gosh began its profit balancing turnaround drive in the second half of 2024, aiming to better align our cost base with our activities,” Belmont said.
“Whilst the impact on our 2024 accounts was small, the main focus and momentum has been in 2025 with a multi-pronged approach driving efficiencies and we are expecting to deliver positive EBITDA in 2025.”
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