January 2, 2020 / 11:49 AM / 3 months ago

Britain's Greggs follows vegan sausage roll success with meatless steak bake

A Vegan Steak Bake bought from a Greggs shop in London is pictured, Britain, January 2, 2020. REUTERS/Henry Nicholls

LONDON (Reuters) - Britain’s Greggs launched a vegan version of its popular steak bake on Thursday, aiming to capitalize on the success of the meatless sausage roll that has boosted the baker’s profits and helped fuel an 80% rise in its share price last year.

Greggs said the new product mirrored the original but used meat substitute Quorn instead of steak in its filling.

The launch, which was trailed on social media, comes a year after it introduced its vegan sausage roll, which it said was one of its fastest selling products of the last six years.

Chief Executive Roger Whiteside said: “Our Vegan Sausage Roll launch was a huge success and we’ve been working tirelessly to expand our vegan friendly offering and provide more delicious savory food on-the-go options for people looking to reduce their meat intake.”

A growing number of Britons are either reducing their consumption of meat or are cutting it out of their diets altogether.

Sales of red meat in Britain fell by 185 million pounds ($244 million) last year, although sales of poultry and fish increased slightly, according to The Grocer, which cited research by Nielsen.

Retailers and supermarkets are responding to the trend by introducing more vegan and vegetarian ranges and menu options.

Greggs said its vegan steak bake will cost from 1.55 pounds ($2.05), initially across 1,300 shops from Thursday and a further 700 on Jan. 16.

The company will update on Christmas trading on Jan. 8.

Reporting by Paul Sandle; editing by Kate Holton and Emelia Sithole-Matarise

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