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Nestle Agrees To Buy Vegan Foods Maker Sweet Earth

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Nestlé USA Thursday said it has agreed to buy Sweet Earth, a plant-based foods manufacturer based in Moss Landing, California.

With the acquisition, Nestlé forays into the plant-based foods segment, which is growing by double digits and expected to become a $5 billion market by 2020.

Launched in 2011 by co-founders Kelly and Brian Swette, Sweet Earth's frozen meals, burritos, breakfast sandwiches, and chilled plant-based burgers and proteins are sold in more than 10,000 stores.

"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."

Sweet Earth will continue to be led by Kelly and Brian Swette; the business will remain independent with support from Nestlé USA's Food Division.

by RTT Staff Writer

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