Nestle partners with Israeli startup to make plant-based meat: Report

With plant-based products alternatives gaining acceptance, Nestle SA is planning to enter the cultured-meat market, bringing laboratory-made meat to the masses, Bloomberg has reported.

Citing sources, the publication said the meat is being developed for the world's largest food company by Israeli biotechnology company Future Meat Technologies Ltd. Nestle’s chief executive officer Mark Schneider is emphasising on alternative protein strategy as climate and environmental concerns rise among consumers, the report said.

The timing to enter the market is not known and will depend on regulatory approvals, the report added.

The Swiss giant had earlier had committed to spending 3.2 billion Swiss francs ($3.6 billion) over five years to improve its climate footprint. Nestle said the investment will increase the Switzerland-based company's use of renewable energy, which it aims to use exclusively by 2025. The money will also boost what it called regenerative agriculture throughout Nestle's supply chain with the planting of hundreds of millions of trees over the next decade.