USA – Nestlé USA has announced its interest to acquire Sweet Earth, a plant-based foods manufacturer based in California, USA.
The deal automatically gives Nestlé USA an immediate entry into the plant- based foods market, which is globally growing by double digits.
The acquisition comes after Nestlé’s equity stake in Freshly Foods this year – a direct-to-consumer delivery service, which would marginally increase the company’s evolution and innovation into new products.
The plant-based market worth is expected to become US$5billion by 2020, according to Nestlé.
Sweet Earth was launched in 2011, by co-founders Kelly and Brian Swette. Its products include frozen meals, burritos, breakfast sandwiches that are sold in more than 10,000 stores including Walmart, Target and Kroger.
“In the United States, we’re experiencing a consumer shift toward plant-based proteins.
In fact, as many as 50 per cent of consumers now are seeking more plant-based foods in their diet and 40 per cent are open to reducing their traditional meat consumption,” said Paul Grimwood, Nestlé USA Chairman and CEO.
“One of Nestlé’s strategic priorities is to build out our portfolio of vegetarian and flexitarian choices in line with modern health trends. With unique and nutritious food for all times of the day, Sweet Earth gives Nestlé a leading position in this emerging space,” he added.
“Our products meet the demands of flavour-forward consumers who want more plant-based foods, especially millennials who want convenient, real food and flexitarians who are looking to include more vegetables and plant-based proteins in their diet,” said Kelly Swette, Sweet Earth Chief Executive Officer.
“Nestlé’s acquisition validates what forward-thinking consumers and retailers have been demanding for a while – more wholesome and sustainable choices.”
September 7, 2017