Not a big fan of the Pillsbury Doughboy’s bouncy paunch? You’re not alone, and Big Food is taking note.
As consumers increasingly lean toward fruits, vegetables, grains and meats unsullied by preservatives and sweeteners, food makers including J.M. Smucker Co., General Mills Inc. and Conagra Brands Inc. are looking to reshape portfolios to shed slow- or no-growth units. Instead, they’re looking to refocus on foods that can boost revenue in a world where Millennials — with roughly $4 trillion in spending power — and Gen Z buyers rule.
In July, Smucker said it was selling its U.S. baking unit, including Pillsbury, to Brynwood Partners to focus on innovation in segments such as coffee, peanut butter and snacks, many of which can be marketed as healthful. Other companies are working on similar moves, analysts say.
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