Swiss conglomerate Nestle has predicted that its vegan business will hit $1 billion within a decade.
The company is launching multiple vegan products next Spring, under the Garden Gourmet label, in what has been described as a push to reach millennial consumers.
These include a high-tech patty called the ‘Incredible Burger’ – which has been compared to the plant-based Impossible Burger – and purple walnut milk.
According to Nestle Chief Technology Officer Stefan Palzer, plant-based eaters make up what he described as one of a few quickly growing ‘food tribes’ (the others include gluten-free and lactose-free eaters’).
“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,” he said.
“Vegetarianism has never been this popular before and it’s here to stay, I’m convinced about that.”