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Big Food Adjusts The Portfolio To Lure Big Spending Millennials, Gen Z-ers

October 22, 2018: 12:00 AM EST
Big food makers, including J.M. Smucker, General Mills, and ConAgra Brands, are looking to shed low- or no-growth businesses and refocus toward foods that will increase revenue among high-spending Millennials and Gen Z-ers. Smucker is selling its U.S. baking unit, including Pillsbury, to boost innovation in coffee, peanut butter, and snacks that can be touted as healthful. General Mills wants to divest five percent of its portfolio to pursue growth in cereals and yogurt with less sugar, among other things. Young execs at Mondelez International and Hershey realize that they need to market to younger consumers who have no loyalty to established brands. With Millennials embracing cheaper and more convenient frozen meals, ConAgra, which in June agreed to buy Pinnacle Foods to expand in the freezer aisle with brands such as Birds Eye and the Gardein line of vegetarian products. But it is likely to jettison some Pinnacle brands that don’t fit the strategy.[Image Credit: © The J.M. Smucker Company]
Shruti Singh , Kiel Porter , and Leslie Patton, "Selling a Legacy: Food Companies Seek to Boot Their Dated Brands", Bloomberg, October 22, 2018, © Bloomberg LP
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