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| Subject: |
FOOD BUSINESS NEWS
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| Period: |
June 26, 2022 to July 3, 2022
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| Geographies: |
Worldwide
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Comment & Opinion or Companies, Organizations or Consumers or Controversies & Disputes or Deals, M&A, JVs, Licensing or Earnings Release or Finance, Economics, Tax or Innovation & New Ideas or Legal, Legislation, Regulation, Policy or Market News or Marketing & Advertising or Other or People & Personalities or Press Release or Products & Brands or Research, Studies, Advice or Supply Chain or Trends
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Contents
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Kellogg Company has announced its decision to split into three independent companies focusing on cereal, snacks, and plant-based foods. Chairman and CEO Steve Cahillane claimed the division will give each company greater autonomy to encourage innovation and growth. The breakup will occur through two tax-free spinoffs that will be completed by the end of 2023. Cahillane will remain as the CEO of the global snacking business, which will include the snack brands Pringles, Cheez-Its and Pop-Tarts, along with Kellogg's international cereal portfolio, the group's African noodles business and the US Eggo unit. Kellogg’s snacking business will focus on innovation, brand building and expanding internationally, including in South America and AMEA. While much smaller, the plant-based unit will be led by the Morning Star Farms brand and focus on growth and product innovation. Kellogg shares jumped as much as 5.5 percent on the day of the announcement, the most in over a year. Under the plan,
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"Kellogg to split into three companies focusing on cereal, snacks, and plant-based foods", Fortune.com, June 21, 2022
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Kellogg’s has turned to the U.K. High Court in a three-pronged attempt to prevent the upcoming government HFSS restrictions. Kellogg’s first argument claims the HFSS regulations should be declared “ultra vires” because enforcement powers given to local authorities to enforce the rules have never been approved by parliament. If the court decides the enforcement regime is illegal it could force the government to completely discard the legislation. It could also allow the regulations to continue but order the government to revaluate how they are enforced, leaving the ban in limbo. The second strand of Kellogg’s case centres on the HFSS nutrient profiling model, which was set up in 2004 as the basis for Ofcom’s policing of advertising aimed at children. Kellogg’s claims the model has never been before parliament. If the argument succeeds, the government would be forced to either drop the legislation or re-pass it with a different model. Kellogg’s third claim is that cereals should be
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"Kellogg’s: ‘HFSS laws would cost £113m in lost sales’", thegrocer.co.uk, June 17, 2022
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Byron Bay-based better-for-you snack brand We the Many has unveiled “mono-material” recyclable plastic packaging across its range. The launch coincides with the brand’s recent partnership with Woolworths in Australia, which will stock its gourmet breakfast range in 332 stores nationwide. Its breakfast range includes Prebiotic Granola, Antioxidant Granola, Turmeric Granola and Antioxidant Porridge. We the Many’s products are vegan, non-GMO and preservative and additive free.
"We the Many unveils new packaging as it hits Woolworths shelves", Inside FMCG, June 22, 2022
KIND Snacks has announced its KIND Grab & Go Billboard will be available in London’s King’s Cross on the 22nd of June only. The activation will be filled with KIND’s products and fresh produce including pears, bananas and cucumbers, to encourage commuters to consume their daily recommendation of produce. The KIND Grab & Go Billboard was inspired by research that found the majority of Brits do not consume the recommended 5-a-day of fruits and vegetables and daily handful of nuts.
"KIND SNACKS LAUNCHES PICKABLE NUTRITIOUS BILLBOARD", Essex Magazine, June 20, 2022
After having difficulty finding retailers through the pandemic, Mr.Tortilla started selling its low-carb tortillas online through its website and Amazon. Since moving its business online, Mr.Tortilla grew 3,000 percent and has become the number one selling tortilla on Amazon in both the U.S. and Canada. Mr.Tortilla is now sold in-store in retailers in New York and California, and is looking to expand its distribution to Florida, Texas and Illinois soon.
"How Two Brothers Built Mr. Tortilla Into the No. 1 U.S. Tortilla Brand on Amazon", Inc.com, June 15, 2022
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| Deals, M&A, JVs, Licensing |
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U.K.-based health snack brand Humdinger has partnered with Budweiser to launch three new flavors of peanuts, in a deal brokered by IMG. The crispy-coated peanuts have been developed to pair with Budweiser beer and come in American-inspired flavors: Smokey Texan BBQ, Buffalo Chicken Wings, and Flame Grilled Ribs. The line will be available from the 26th of June at select UK supermarkets.
"Budweiser strikes snacktastic deal with Humdinger", Licensing.biz, June 16, 2022
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| Marketing & Advertising |
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Start-up cereal company Magic Spoon was founded in 2019 with the aim of providing a healthy alternative to sugary, iconic cereals. Magic Spoon’s cereal is gluten-free, grain-free, low-carb and high in protein and is available in several large retailers including Target and Walmart. While cereal brands such as Frosted Flakes and Froot Loops target children, Magic Spoon caters towards young adults who are more health conscious. Magic Spoon reaches this demographic through social media marketing, which has been key to the company’s success. Since its founding, the company has reached out to influencers to promote its products on platforms such as TikTok, Instagram and podcasts. The company also has an affiliate program, where members can make 20 percent commission on every purchase made through their link. Magic Spoon also makes less targeted advertisements through Facebook ads.
"Here's How Magic Spoon's Popularity Exploded", Mashed.com, June 16, 2022
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| Products & Brands |
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Chickpea-based snack brand HIPPEAS has relaunched its Chickpea Tortilla Chip line. The products have been reformulated to bring more crunch and a better texture in order to more accurately replicate traditional corn tortilla chips. The chips contain protein and fiber and, like the rest of HIPPEAS’ products, are organic, vegan and made with natural ingredients. The Chickpea Tortilla Chips are available in its two original flavors, Straight Up Sea Salt and Rockin’ Ranch, and a new Sea Salt & Lime flavor. HIPPEAS’ reformulated Chickpea Tortilla Chip line is now available in-store at retailers and online on its website and Amazon.
"HIPPEAS® Re-Introduces Tortilla Chips and Adds Far-Out Flavor", PRNewswire, June 21, 2022
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| Trends |
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According to P&S Intelligence, the worldwide seaweed market is currently worth over $500 million and is expected to reach almost $1.4 billion by 2030. Although seaweed has always been a huge part of Asian cuisine, the food is growing in popularity among Westerners. Brands including SeaSnax, Ocean’s Halo, Annie Chun’s and gimME Health Foods are leading this snackable seaweed trend. Seaweed’s different species, textures and formats and unique flavor profile have led it to be an interesting and diverse snacking option. It is also marketed as a superfood as it is rich in minerals such as iodine and vitamins like K and B12, and it is seen as sustainable as it contributes to water health and doesn't require additional land or resources.
"Why The Seaweed Snack Market Is Booming", Tasting Table, June 15, 2022
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