The market for plant-based food as shrunk almost £38million as analysts say meat-free firms are in a ‘rut’.

Industry experts believe that a struggling economy mixed with a saturated market has seen sales of meat-free products fall dramatically.

It’s not just the small businesses that are struggling as three major companies in Quorn, Linda McCartney’s and Birds Eye Green Cuisine top the list in the biggest fall in losses.

Quorn’s value loss is down £16.5m after shifting two million fewer kilos in a 9.5% drop, according to research published by The Grocer.

While Linda McCarthy has seen a £8.7m reduction in sales, down by 17.6%, as Birds Eye Green Cuisine’s value has shrunk by £3.1m in a 27.3% drop.

Bakery Greggs has also seen its sales down by 23.7 per cent causing a £700,000 downturn in profits across its vegan products.

Gill Riley, consumer director at Quorn Foods told the publication that she is ‘very confident’ that the meat alternatives sector will ‘return to growth over the next couple of years and market predictions reinforce this’.

She said: ‘Sustainability and health influences will become even more prevalent in purchase decisions, and financial pressures will hopefully ease for many shoppers as Inflation decreases and people settle into new habits of spending.’

Across the top 25 meat-free companies, the fall in sales equalled £37.9m but there are some that are bucking the trend. 

The Tofoo Co has seen its sales grow 18.7% with a £4.6m upturn while This has increased it’s revenues by 32.7% in a £5.3m growth in sales.

It comes after the interest in a plant-based diet soared in recent years, with vegans citing ethical, environmental or health reasons.

The exact numbers of vegans now in the UK is almost impossible to establish.

One recent survey suggested around 600,000 people are believed to be on a plant-based diet, while another in 2021 claimed that almost a third of Brits used alternative milks.

However, Helen Dewdney, also known as The Complaining Cow, previously told MailOnline that many people are now abandoning veganism after realising that the lifestyle is much harder to maintain than initially thought.

She told MailOnline: ‘I think many people thought it would be easier than it is to find alternatives and still have a varied diet.

‘Many are looking to just reduce their meat intake and become part-time vegetarians or vegans which in turn means that food outlets serving only a vegan menu are seeing fewer and fewer customers through the doors.’

‘The cost-of-living crisis is also having an effect, as consumers generally cut back on food, vegans are cutting back on faux meat products. Interestingly this is not just the UK and we are seeing this as a global trend.’

MailOnline analysis of some of the most common vegan products in supermarkets and sold by fast food chains found that some were packed with calories, saturated fat and salt.

And dieticians say that the battle to create a plant-based burger or banger that tastes just like the real thing can see food producers pumping their products full of fat and salt.

Dr Duane Mellor, a dietitian at Aston Medical School in Birmingham, said that consumers believe vegan products are healthy but said it’s important to check the label and be aware that ‘just because something is plant-based does not mean it is healthy’.

‘Check for salt and remember unlike meat many vegan meat replacements do not contain the same levels of iron and vitamin B12 essential for health, keeping our blood cells and nerves working well,’ Dr Mellor added.

Last year, Meatless Farm — one of the UK’s leading faux-meat retailers — went into administration.

It sold £11million worth of plant-based mince, burgers and chicken in 2021 but struggled as demand for meat-free products slowed.

And in August, it was revealed that vegan brand Beyond Meat saw sales slump by almost a third as it struggled with the downfall in demand.

Earlier this year, the British fast-food chain, The Vurger Co, which used ingredients such as tempeh, soya and Beyond Meat to make its creations, confirmed it permanently closed its doors. 

It joined the likes of Veggie Pret, with Pret A Manger announcing in February that its last three vegetarian-only stores would be converted into standard outlets that sold meat.

The move brought an end to the concept that was introduced eight years ago and is another sign that veganism’s popularity is dying out. 

At its peak, there were 10 stores serving only vegetarian and vegan options across the UK which included salad bowls and falafel sandwiches.

In 2022, Pret closed three-quarters of their veggie-only stores as it said it was offering meat-free options at other sites and didn’t need the standalone outlets.

Neat Burger, backed by Leonardo DiCaprio and Lewis Hamilton, closed half of its London sites last December while a vegan restaurant in Cheshire has been forced to start serving meat because it has too few vegan customers