Campbell creating categories for future growth
BOCA RATON, FLA. — The Campbell Soup Co. is not content to simply extend its current product platforms, said Denise Morrison, president and chief executive officer.
“What we are trying to do is make new markets and not just do line extension,” she said in her presentation before the Consumer Analyst Group of New York, which is holding its annual meeting this week.
Ms. Morrison highlighted Campbell’s innovation efforts as a key driver for accelerated growth. She said the innovation process led to Campbell’s Go soups and Campbell’s Skillet Sauces, which were introduced earlier this fiscal year.
The Skillet Sauces line represents the first entrant in a platform of dinner sauces the company has planned. While Skillet Sauces target the stovetop, the next set of Campbell’s products in the product line will feature slow cookers, which are now in more than 80% of U.S. households and are used to prepare nearly 500 million meals per year, said Ms. Morrison.
Sold in pouch packages, the Slow Cooker Sauces will be available later this year in four to five varieties, including Sweet Korean BBQ.
“Simple solutions have to be simple,” Ms. Morrison said. “Skillet Sauces are the first product in a comprehensive platform for dinner sauces. We are creating a whole new dinner sauces segment in the category and inspiring a new consumer behavior.”
Ms. Morrison said that Campbell’s acquisition of Bolthouse Farms provides the foundation for a platform to accelerate growth, with its positions in the super-premium beverages and carrot segments.
“Bolthouse Farms gives us strong credentials in the packaged fresh category in the retail perimeter — a terrain much broader than beverages and salad dressings,” she said. “We’ve identified some very compelling opportunities in this arena and we’re developing plans to pursue them.”
One product Ms. Morrison discussed is Baby Carrot Shake Downs. The product features baby carrots in a package featuring a seasoning packet. Seasoning flavors in the line include salsa, chili lime, ranch.