Nestlé Moves into Plant-based Foods in the US
Nestlé has agreed to acquire Sweet Earth, a US plant-based foods manufacturer. The acquisition gives Nestlé immediate entry into the plant-based foods segment in the US. The plant-based food market is growing by double digits and expected to reach SFr5 billion worldwide by 2020.
One of Nestlé’s strategic priorities is to build out its portfolio of vegetarian and flexitarian choices, in line with modern health trends.
Sweet Earth’s on-trend products feature global flavours and plant-based proteins like seitan (wheat-based), tofu and legumes like lentils, chickpeas and beans. They span three core platforms: entrees, breakfast and plant-based proteins, called Righteous Meats.
The Sweet Earth acquisition follows Nestlé’s recent equity stake in Freshly, a direct-to-consumer delivery service, and continues the company’s evolution into new products and categories to match changing consumer preferences.
Nestlé already offers a range of vegetarian protein-based products in some European markets with its Garden Gourmet range.
Nestlé in the US consists of eight main businesses: Nestlé USA, Nestlé Waters North America, Nestlé Nutrition, Nestlé Professional, Nespresso, Nestlé Health Science, Nestlé Skin Health and Nestlé Purina PetCare Company. Together, these companies operate in more than 120 locations in 47 states and employ over 51,000 people. In the US, Nestle product sales topped $27 billion in 2016, making it the largest Nestle market in the world.
