March 8, 2021

UK's Tesco to increase sales of plant-based meat alternatives by 300% by 2025

UK's Tesco to increase sales of plant-based meat alternatives by 300% by 2025, as part of its commitment to shareholders to boost sales of healthy food to 65% of its total sales by the same target year, Reuters reported.

Tesco's investors such as Robeco, JO Hambro and others, led by ShareAction, a responsible investment group, proposed a resolution about healthy food sales last month for Tesco's AGM, set to be held in June or July.

Tesco said the new 65% target for healthy product sales is higher than its current 58%, with progress towards the targets to be reported per year. In addition to boosting sales of plant-based meat alternatives by 300%, it will also make it ready meals healthier by adding more vegetables to the ingredients.

Tesco holds 27% of the UK's grocery market.

- Reuters