Campbell Soup Company expects to launch more than 200 new products during 2014 as the company strengthens its core businesses and expands into higher-growth spaces, including new consumer segments, categories and geographies.
Announcing the plans at an investors meeting president and CEO Denise Morrison said: “We’ve grown our percentage of sales from both sustaining and disruptive innovation, and we’ve multiplied the number of new breakthrough ideas in the pipeline.”
To build on its momentum, Campbell is responding to the evolving tastes, preferences and needs of both its core consumers and new consumers by driving innovation across soup and simple meals, snacks and healthy beverages.
In soups, there are plans to launch Campbell’s Homestyle soups, and build on the success of the Campbell’s Chunky soup line, plus add new flavours to its premium microwaveable pouch line, Campbell’s Go.
The introduction of Campbell’s Slow Cooker Sauces will also expand the company’s offerings in the dinner sauce category. Campbell North America president Mark Alexander said: “Together, these innovative products are enabling Campbell to tap into the nearly $200bn dinner segment with consumer propositions that are unique, delicious and convenient.”
In snacks, the iconic Pepperidge Farm Goldfish brand continues to grow after more than 50 years. To expand its appeal, the company has launched Goldfish Puffs and launched Pepperidge Farm Goldfish Mac & Cheese – the brand’s first entry in the simple meals category.
SVP - global baking and snacking and Pepperidge Farm president Irene Chang Britt said: “Our innovation plans are based on changes we are seeing in the macro-snacking environment, where there’s been a significant shift in people’s eating patterns. The number of people snacking three to four times a day or more has risen substantially with mini meals replacing traditional meal times. Pepperidge Farm has a broad spectrum of products to meet these consumers’ needs – from sandwich bread, rolls and baked crackers to sweet and indulgent treats.”
In juice, Campbell plans to introduce V8 V-Fusion Refreshers and to expand its V8 V-Fusion + Energy beverage range. It is also rolling out new variety packs of V8 V-Fusion juice drink boxes for kids, a new grape variety, and is planning the launch of a V8 Bloody Mary 100% vegetable juice mixer.
V8 Harvest juice will be the brand’s first entry in the rapidly-growing $12 billion packaged fresh category. This fresh 100% tomato vegetable juice was developed jointly by Campbell and Bolthouse Farms, which became part of Campbell in August 2012.
Campbell International president Luca Mignini also highlighted activities around the world with a focus on Australia and China.
In Australia, Campbell is focused on growing its iconic Arnott’s biscuit business, the company’s third-largest brand. Campbell will also build on the success of this year’s Tim Tam Treat Packs, smaller-sized packages designed for ‘treating’ occasions. It will also focus on building V8 juices in Australia, where the brand has 90% awareness but only 12% household penetration. Campbell plans to continue to introduce new flavours, including a ‘light’ V8 V-Fusion beverage. Finally, it will meet the home cooking trend with recipe development and advertising featuring an Australian celebrity chef for its Real Stock brand.
In China, Mignini noted that the pending acquisition of Kelsen Group will give Campbell a solid platform for growth in baked snacks.
Source: Campbell Soup Company
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