Nestle Predicts Its Vegan Business Will Hit $1 Billion Within 10 Years

The Swiss conglomerate is launching multiple plant-based products including a high-tech patty called the 'Incredible Burger' and 'Purple Walnut Milk'
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Nestle vegan burger

The vegan 'Incredible Burger' from Nestle (Photo: Nestle SA)

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.

Vegan growth

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."