Nestlé buys plant-based food maker

CALIFORNIA, September 13, 2017 -Nestlé USA has agreed to acquire Sweet Earth, a plant-based foods manufacturer in Moss Landing, Calif. Terms of the deal weren’t disclosed. The acquisition gives Nestlé immediate entry into the plant-based foods segment, which is growing by double digits and expected to become a $5 billion market by 2020. “In the United States, we’re experiencing a consumer shift toward plant-based proteins. In fact, as many as 50 percent of consumers now are seeking more plant-based foods in their diet and 40 percent 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.” Nestlé USA is a subsidiary of Switzerland-based Nestlé, the world’s largest food and beverage company.