New York (CNN Business) Nestlé is leaning into the plant-based trend with vegan alternatives to bacon and cheddar cheese.

The global food company said on Wednesday that it will start selling the products to its restaurant and food service clients in the United States and Europe next year. The announcement follows the launch of Nestlé's Awesome Burger , a plant-based patty that looks and tastes like meat.

With the three new products, Nestlé is carving out a space for itself in the rapidly expanding plant-based market.

Consumers, concerned about their health and the environment are increasingly incorporating plant-based products to their diets. US retail sales of plant-based foods have grown 11% in the past year, according to a July report from trade group Plant Based Foods Association and the Good Food Institute.

Barclays predicts the alternative meat sector could reach about $140 billion in sales over the next decade, capturing about 10% of the global meat industry, up from $14 billion currently. Jefferies predicts that by 2040, the alternative meat market could generate $240 billion in annual revenue globally.