Demand For Packaged Food Drops In US: Has 'Miracle' Drug Ozempic Got Something To Do With It?
Portfolio Pulse from Benzinga Neuro
Packaged-food manufacturers in the US are experiencing a significant drop in sales due to high food prices, consumer shift to fresh produce, and market share loss to private label and emerging brands. Companies like Conagra Brands, General Mills, Kellanova, and Kraft Heinz have seen their volumes fall by 6% or more in the 52-week period ended September 2023. Analyst Robert Moskow from TD Cowen suggests that this trend could continue into 2024 unless firms reduce prices.
October 10, 2023 | 8:40 am
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NEGATIVE IMPACT
Conagra Brands has experienced a significant drop in sales volume, which could continue into 2024 unless the company reduces prices.
The drop in sales volume for Conagra Brands is directly linked to the high food prices and consumer shift to fresh produce. This trend is expected to continue unless the company takes measures to reduce prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
General Mills has experienced a significant drop in sales volume, which could continue into 2024 unless the company reduces prices.
The drop in sales volume for General Mills is directly linked to the high food prices and consumer shift to fresh produce. This trend is expected to continue unless the company takes measures to reduce prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Kellanova has experienced a significant drop in sales volume, which could continue into 2024 unless the company reduces prices.
The drop in sales volume for Kellanova is directly linked to the high food prices and consumer shift to fresh produce. This trend is expected to continue unless the company takes measures to reduce prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Kraft Heinz has experienced a significant drop in sales volume, which could continue into 2024 unless the company reduces prices.
The drop in sales volume for Kraft Heinz is directly linked to the high food prices and consumer shift to fresh produce. This trend is expected to continue unless the company takes measures to reduce prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100