Nestle to foray into plant-based meat substitutes market in U.S.

Following the footsteps of Beyond Meat (BYND), Swiss food giant Nestle has rolled out its own plant-based meat substitutes in the form of vegan burger called ‘Incredible Burger’ in eight European countries and plans to introduce the Awesome Burger in the United States later this year. The product is already being carried out in 1,500 outlets on the continent, including McDonald's (MCD).

The company’s CEO believes that being a nascent market, plant-based meat substitutes, foods that closely mimic the taste and texture of actual meat, is a mine that could be explored.

Awesome burgers are expected to be available in U.S. retail stores, quick-service restaurants and food service operators across the nation.

‘Awesome Burger’ vegan burgers for the U.S. contingent are expected to hit the U.S. markets this fall, a product made to complement Nestle's Sweet Earth branded veggie-centric burgers.

But Nestle is going to face stiff competition especially from Beyond Meat who debuted in the public market earlier this year.

Besides foods, Nestle’s partnership with Starbucks (SBUX) is reaping fruits as the company has garnered $7.15 billion through the partnership. The two companies have also put out dozens of coffee products in six months.

Following the announcement on Wednesday, Nestle shares touched a new 52-week high in the session at $98.40. The shares are already up more than 23% in 2019.