I have been interested in the food space for a long as I can remember. One of the reasons I invested in Ricks Picks, almost a decade ago, is that I believed that there was a desire for new brands with different flavor palates that had been sitting on the grocery shelves for decades. It was also the beginning of people wanting healthy food vs processed. Labels were starting to be read and reading words like disodium inosinate on the can meant there the product was filled with chemicals to assure what you were eating had a shelf life of a decade or two was not going to fly anymore.
Flavor palates are interesting. Sir Kensington’s shifted their ketchups taste because the majority of us are just used to good old Heinz. I know I am. People who are starting companies that make products from gluten-free cookies to ice cream to cake mixes are millennials who understand what their generation wants to taste and buy. They also understand how the consumer wants to make a product. Most don’t know how to cook. Nobody took home economics – just noting that I did in 7th grade. It is easier to just buy something made but they do have a desire to eat around the table with friends and family.
The big food companies are starting to get wake up. Campbell’s Soup is changing their recipes for the next generations flavor palate. Consumer preferences are shifting and if you want to continue to own the market then you have to shift. Campbells is also shifting its ad dollars to social media and digital advertising. They are also acquiring companies that they know resonate with the customers. It is impressive how they are moving.
Did I mention that the person leading the charge at Campbells Soup is a woman? Hats off to Denise Morrison, the chief executive officer at Campbells.