Swedish dairy-free business Stockeld Dreamery has closed due to declining plant-based sales. Founder Sorosh Tavakoli announced the closure on LinkedIn after struggling to grow in the competitive market. Stockeld sold products in the US and Sweden, with listings in Whole Foods and Fresh Direct.

The company, formerly known as Noquo Foods, offered dairy alternatives like Cultured Cream Cheese and Melt Cultured Slices. Tavakoli cited the challenges of the plant-based sector in the decision to shut down. Stockeld sought a new owner for its intellectual property after ceasing operations.

Stockeld’s closure reflects a trend in the plant-based dairy market. Other companies, like Bel Group and Willicroft, have faced similar challenges and ceased production. Bel Group discontinued its Nurishh brand due to profitability issues, while Willicroft failed to meet fundraising targets. The plant-based sector continues to be competitive yet challenging.

Read more at Yahoo Finance: Stockeld Dreamery shuts amid “intense” plant-based decline