In its Q3 earnings presentation yesterday, the Campbell’s Soup Company reported that organic net sales increased 17% year-over-year to $2.2 billion over the quarter. Looking ahead, CEO Mark Clouse outlined four trends expected to stick: “quick scratch cooking,” accelerated use of click-and-collect and home delivery, center store’s increased relevance and value.
Though the current market has been thoroughly disrupted by the COVID-19 pandemic, leaving uncertainty about how consumer behavior will shift long term, a new report by market research firm IRI showed that last year was marked by numerous “blockbuster” food and beverage launches as both conglomerates and smaller companies introduced new products that quickly surpassed $100 million in sales.
In light of recent supply chain issues during the COVID-19 pandemic, the FDA has adjusted its New Era of Smarter Food Safety initiative, including added priorities for worker safety and predicting potential food system disruptions, and a greater emphasis on safe food delivery to consumers.
In this week’s COVID-19 news, Costco told analysts it will bring back in-store sampling, Senate Democrats proposed a $7.5 billion bill to support the food supply chain and more.
The FDA on Friday released temporary guidance to allow food manufacturers to change ingredients without updating product labels, a move aimed at preventing supply chain disruptions during the COVID-19 pandemic. In response, company and industry leaders are speaking up to promote consumer safety.
The plant-based meat category was already growing before the COVID-19 pandemic. Nevertheless, many plant-based brands have seen huge sales upticks since pantry loading began in March. Now, they need to figure out what comes next.
As many states begin to reopen businesses, IRI reflected on the 2008 recession to help brands prepare for the months ahead, while the FDA and USDA announced plans for supply chain management collaboration. Here’s the latest COVID-19 news from around the industry this week.
Rebellyous Foods has more than a nugget’s worth of plans. With a new plant-based chicken nugget launching into limited retail this week, the company hopes its proprietary technology will eventually be adapted by other manufacturers.
Over the past decade, consumer interest in immunity boosting products and ingredients has been steadily on the rise. But the outbreak of the coronavirus has pushed that into overdrive: Between January and April, social posts mentioning “immunity” increased 134%, according to flavor provider FONA International.
As the food industry adjusts to some version of ‘new normal,’ legislation was introduced this week to extend food workers’ financial protections during COVID-19, while the SAFE Banking Act for cannabis businesses was added to the House’s latest stimulus bill. Here’s the latest COVID-19 news from around the industry this week.