Anglo-Dutch consumer giant Unilever has set target of €1bn ($1.18bn) in annual sales from plant-based meat and dairy alternatives over the next five to seven years.

The company aims to achieve this target by rolling out its The Vegetarian Butcher brand, as well as enhancing its vegan alternative portfolio through the Hellmann’s, Magnum and Wall’s brands.

The new target is part of Unilever’s ‘Future Foods’ initiative, which the company says will help people transition towards a healthy diet and minimise the environmental impact of the global food chain.

Unilever Foods and Refreshment Division president Hanneke Faber said: “As one of the world’s largest food companies, we have a critical role to play in helping to transform the global food system.

“It’s not up to us to decide for people what they want to eat, but it is up to us to make healthier and plant-based options accessible to all. These are bold, stretching targets, which demonstrate our commitment to being a force for good.

“It is widely recognised that the current global food system is inequitable and inefficient. One billion people around the world are hungry while two billion are obese or overweight. One-third of all food produced is thrown away. And animal agriculture is the second-largest contributor to greenhouse gas emissions after fossil fuels and a leading cause of deforestation, water and air pollution and biodiversity loss.”

Unilever has also committed to reduce food waste by 50% in its direct global operations from factory to shelf, as well as increase the global number of nutritious products by 2025.

The company also noted that it will also continue its efforts of decreasing calorie, salt and sugar levels across products.

In June, Unilever unveiled its plans to invest €1bn in the new Climate & Nature Fund over the next decade for sustainability projects.