In spite of the cut to Nestle's business outlook, Bulcke was quick to stress the positives that could be taken from this report, he told CNBC news, "This is still a very good growth project. Our growth has been driven by volume and that in a deflationary environment with very low raw material prices and no need for pricing per say."
Nestle's 9-month sales rose to 65.51 billion Swiss francs ($66.19 billion) from 64.86 billion Swiss francs a year earlier, Vevey-based Nestle said. The figure lagged the average analyst estimate of 66.00 billion francs in a Reuters poll.
Analysts polled by Reuters had on average expected organic growth -- which strips out the impact of acquisitions and currency swings -- of 3.7 percent.
"Europe looks like it was under pressure during the quarter while China weakness is weighing on Asia despite the recovery in India," said analyst Jon Cox at Kepler Cheuvreux.
"The cut in guidance is disappointing although all of the staples companies looked like they have had a tough quarter - they need to find relevance with consumers," he added.
Unilever said its underlying sales increased 4.2 percent for the first nine months of 2016, supported by a 2.7 percent rise in pricing, when it published third-quarter results last week, while French rival Danone this week posted a 2.1 increase in sales during its third quarter.
On discussing the company's performance in the emerging markets, Bulcke argued that growth is going to be there again. He went on to say, "For us (Nestle), emerging markets are growing as well as the developed markets and we have always said we want to be an 'and' company. We don't want to disengage from the developed markets."