Nestlé is planning to introduce a plant-based, meat-free burger in the spring called the ‘Incredible Burger’, according to Bloomberg, as the company aims to capitalise on the growing appetite for plant-based products.
Set to rival other meat alternatives such as the Impossible Burger and the Beyond Burger, Nestlé’s plant-based patty made from soy and wheat protein will reportedly be released through its Garden Gourmet brand in the spring.
The planned release comes as Nestlé realigns its business strategy to adapt to the falling demand for meat and dairy products, particularly from younger consumers, due in part to ethical and health concerns.
With a greater focus on this area, Laurent Freixe, chief executive officer of Nestlé’s Americas unit, claims that the company’s plant-based business may reach $1 billion in sales within the next ten years.
Indeed, Nestlé’s chief technology officer Stefan Palzer identified consumers who follow a vegetarian or vegan diet as one of the fastest growing consumer segments, making it an attractive growth opportunity for major food companies.
He said: “While digging deeper into consumer trends, we found they changed a bit in the last couple of years depending on how consumers define a healthy diet.
“Vegetarianism has never been this popular before and it’s here to stay, I’m convinced about that.”
The release of the Incredible Burger would come in response to moves from other major food companies such as Unilever, which purchased Dutch meat substitute company The Vegetarian Butcher last month, bolstering its position in the meat-free segment.
According to a study conducted by research firm IGD last year, 52% of British grocery shoppers say they either follow or are interested in following a plant-based diet, with 68% of 18-24 year olds claiming to follow a vegan, vegetarian or flexitarian diet.
© FoodBev Media Ltd 2019