“There is an asymmetry in the food industry today with smaller, more nimble competitors that fly under the radar unless you’re paying close attention. Meanwhile, consumers continue to gravitate toward value, demonstrated by the explosion of lower price retailers such as dollar stores. As a result, traditional retailers are responding in a variety of ways with small format and neighborhood stores, expanded shelf space for purpose-driven brands and private label offerings and increased presence in e-commerce. Challenger brands are winning: they are winning with consumers, and they are winning with retailers. More than 70 percent of the industry’s growth will come from small- and mid-size brands. “In this environment growth is elusive for large brands in center of store categories. Disruptive business models are emerging at every step of the value chain. “Big companies are getting bigger and more global while smaller challengers continue to fight to undo food. ![]() “It’s becoming clear that a new competitive landscape has developed in the food industry,” she said. That’s why we’re intensely focused on attracting new consumers to our brands.”Ĭampbell Soup sales were under pressure in the company’s most recent quarter, and Morrison described a squeeze taking place in the food industry adversely affecting companies that don’t have just the right scale. ![]() ![]() “There are tectonic generational shifts under way as baby boomers give way to millennials and generation Z as the key influencers of societal and cultural norms. “More importantly, they have provided us with platforms for growth and value creation,” Morrison said.
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