Fortune has reported that the largest food and beverage company in the world will acquire veggie food company, Sweet Earth. Nestle is another large corporation to add a veggie business to their portfolio to ensure future profitability.
Sweet Earth currently sells products such as artisan bowls, plant based ‘breakfast meats’, veggie burgers, ground meat and conveniently wrapped burritos. Their products can be found across the US in stores like Target and WholeFoods.
While the brand is currently not entirely vegan, Nestle’s acquisition shows vegan and vegetarian foods need to be taken seriously as we move closer to a meatless world.
Fortune discusses the acquisition here:
“The Swiss-based food giant says it expects the U.S. market for plant-based foods such as Sweet Earth’s Harmless Ham and Benevolent Bacon to be worth around $5 billion by 2020, as environmental and dietary trends push consumers in the direction of more sustainable food production methods. Sweet Earth trades on the fact that its plant-based substitutes are not only healthier but also more environmentally friendly, generating a much smaller carbon footprint and requiring much less water to produce than comparable animal-based products.”
Nestle’s purchase means it will immediately enter the vegetarian and vegan market, which is expected to be valued at $5 billion by 2020.
According to Nestlé USA Chairman and CEO, Paul Grimwood: “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.”