Sector News

Nestle to acquire plant-based meal company

September 7, 2017
Food & Drink

Nestle USA has agreed to acquire Sweet Earth, a manufacturer of plant-based foods, including frozen meals, burritos, breakfast sandwiches and chilled plant-based burgers and proteins. Financial terms of the transaction were not disclosed.

“The acquisition gives Nestle immediate entry into the plant-based foods segment, which is growing by double digits and expected to become a $5 billion market by 2020,” Nestle said. “Sweet Earth’s portfolio spans all meal occasions, diversifying Nestle’s offering beyond its existing category leadership in meals and snacks.”

Launched in 2011, Sweet Earth offers products spanning three core platforms: entrees, breakfast and plant-based proteins, called Righteous Meats. Its products feature global flavors and plant-based proteins such as seitan, tofu, chickpeas and beans and include a variety of vegan and ethnic-inspired options, such as General Tso’s Tofu and the Curry Tiger Burrito.

“Our products meet the demands of flavor-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, chief executive officer of Sweet Earth. “Nestle’s acquisition validates what forward-thinking consumers and retailers have been demanding for a while – more wholesome and sustainable choices.”

Sweet Earth produces its product lines — which consist of 48 items — in a 40,000-square-foot facility at its Moss Landing, Calif., headquarters. The company’s products are sold in more than 10,000 stores, including Whole Foods Market, Wal-Mart, Target, Kroger and independent natural grocers.

“In the United States, we’re experiencing a consumer shift toward plant-based proteins,” said Paul Grimwood, chairman and c.e.o. of Nestle USA. “In fact, as many as 50% of consumers now are seeking more plant-based foods in their diet, and 40% are open to reducing their traditional meat consumption. One of Nestle’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 Nestle a leading position in this emerging space.”

Sweet Earth will continue to be led by its founders, Kelly and Brian Swette, and will remain independent with support from Nestle USA’s Food Division.

By Rebekah Schouten

Source: Food Business News

comments closed

Related News

February 4, 2023

Unilever names FrieslandCampina’s Hein Schumacher as next CEO

Food & Drink

Schumacher will replace Alan Jope, who announced his decision to retire last September, less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

February 4, 2023

Tetra Pak execs flag plant-based ice cream development hurdles as indulgent offerings expand

Food & Drink

Globally, plant-based ice creams have doubled their share of the market over the last five years, according to Tetra Pack. Pea protein and coconut milk are leading the way, but Tetra Pak cites data showing that oat-based ice cream launches have doubled in the previous year.

February 4, 2023

Examining the meaning of eco-labels: Is it time for mandated methodology?

Food & Drink

A myriad of so-called eco-labels are being rolled out across various F&B products, but with no gold standard or strict rules governing precisely what the logos mean and what methodology is behind them, concerns are growing that they will confuse consumers and ultimately be counterproductive.

How can we help you?

We're easy to reach