CEO: Campbell To Leverage Food-Culture Shifts
Food makers must respond to "enduring changes" in consumer food culture, Campbell Soup Co. CEO Denise Morrison told the Consumer Analyst Group of New York (CAGNY) on Feb. 22, according to Just-Food.com.
The economic downturn has left consumers not just increasingly value-driven, but determined to exert more control -- including choosing food/brands based not only on medical/health advice, but how they make them feel. This "personal hierarchy of values" is causing them to cut back on some brands, and spend more on those that they perceive as enhancing their enjoyment and quality of life, she said.
Morrison also stressed that the food industry has been too slow to respond to shifts in U.S. demographics and family makeup -- specifically, the growth of multi-cultural, multi-generational and single-parent family units.
Campbell's profits declined 9%, and its net sales 1%, in the first half of its current fiscal, and its earnings also declined last fiscal.
However, Morrision said that Campbell's strategic turnaround plan is designed to respond to consumers' "quest for adventure, fun and excitement." She pointed to a variety of launches including Go soup pouches and skillet sauces for simple meals, and extensions of Campbell's Slow Kettle brand, which offer flavor profiles inspired by world cuisine.