General Mills sees growth in yogurt and snack bars.
Although General Mills, Inc. has been performing better than its competitors in the majority of its categories in North America, the company wants to increase growth and competitiveness in two areas: US yogurt and US snack bars.
The CEO of Minneapolis-based General Mills, Jeffrey L. Harmening, stated during a presentation on February 21 at the Boca Raton conference of the Consumer Analyst Group of New York that retail sales in the company’s US snack bars business climbed by 9% during the last 52 weeks, lagging behind the 11% growth of the category.
“By strengthening our brand messaging and innovation performance on Nature Valley, the top brand in the category, we’re focused on growing our leadership in the all-family segment,” Mr. Harmening stated. Our excellent range of treat bars, which capitalize on our top cereal brands, is what we’re aiming for in the kids’ market. Additionally, by introducing new platforms like our new:ratio Keto* Friendly snack bar line and innovating on core brands like Fiber One, Lärabar, and Epic, we’re hoping to strengthen our position in the rapidly expanding weight management and nutrition sectors.
Additionally, General Mills hopes to expand in the US yogurt market, which had a 7% increase in retail sales last year. According to Mr. Harmening, the segment’s increase was less than the 13% growth of the entire category. According to him, the firm is now focused on enhancing its core Yoplait and Go-Gurt original-style lines with new flavors, enhanced product offerings, and greater brand investment.
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“We’re focused on expanding distribution on our highly successful:ratio product line, which delivers high protein with lower sugar and lower net carbs, in order to increase our presence in the low-sugar weight management space, which is driving the growth in the category,” Mr. Harmening stated. “We’re also putting a lot more pressure on innovation, with interesting new offerings that will debut in the first quarter of fiscal ’24. And since yogurt is one of the only categories in which our competitors’ on-shelf availability has outpaced our own, we’re attempting to lessen supply chain interruptions and enhance customer support.