Nestlé USA has acquired American Sweet Earth for an undisclosed fee. The company mainly manufactures meat replacements, a rapidly-growing market, but also several frozen meals.
Sweet Earth’s products are available at more than 10,000 stores across the United States, including Whole Foods, Target, Kroger and Walmart. The move brings Nestlé into the meat replacement industry, a rapidly-growing market: over the past few years, it has achieved double-digit growth every year and it should be worth at least 5 billion dollars (4.2 billion euro) in the United States alone, by 2020.
“In the United States, we’re experiencing a consumer shift toward plant-based proteins. 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”, Nestlé USA CEO, Paul Grimwood, said.
Current Sweet Earth CEO and co-founder, Kelly Swette, will continue to lead the brand alongside her husband, but under Nestlé’s ownership.