Daily Times

Nestle expects sales of its health nutrition business to double from five years ago as the Swiss company expands in personalised supplements and allergy treatments, chief executive Mark Schneider said. Revenue will reach about $4.4 billion by the end of 2021, Schneider said. In a consumer landscape dominated by Covid-19, Schneider has been accelerating a drive to refashion a company better known for food and drink brands such as Stouffer’s ready-meals and Nespresso coffee. The unit “has been on a tear even before the pandemic,” he said. “This is going to be one of our key growth drivers.” Nestle last month agreed to buy Aimmune Therapeutics for $2.6bn in its biggest push yet into health science, adding a promising peanut allergy treatment to its offering. That follows the $2.3bn purchase of Canadian supplements maker Atrium Innovations in 2018, adding brands such as Garden of Life probiotics and CBD drops. Sales growth has been strong for vitamins, minerals and supplements, Schneider said. Nestle will also pay more attention to the fortification of food products amid increased demand, he said. “There is a renewed interest in health and nutrition that advances health and strengthens the immune system,” Schneider said, adding, “I think this is here to stay, certainly throughout the later stages of this pandemic, and we believe also beyond that.” Nestle shares rose as much as 0.3 per cent in Zurich on Friday. The company’s market value of almost $350bn makes it Europe’s largest company on that basis.