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Kellogg Co. is pivoting to plant-based proteins because of how much that has sold while people have been in coronavirus quarantine.
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KELLOGG RAISES ANNUAL PROFIT FORECAST AS CORONAVIRUS BOOSTS DEMAND FOR FRUIT LOOPS, WAFFLE MIXES
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In its second-quarter earnings call, CEO, President and Chairman of Kellogg Steve Cahillane said that Kellogg’s MorningStar Farms plant-based protein brand has the best growth opportunity after it accelerated to double-digit growth and gained shares as a result. The gained distribution and growth across product types have prompted the company to launch several new innovations, including Incogmeato, ready to cook sides of plant-based meat alternatives in its early phases of consumer awareness.
“We have the right to win in this segment,” Callihane said. “We have better food crafted with simple ingredients, a positive nutrition profile versus meat, a brand that is already known for high-quality foods and a well-established supply chain. So we expect continued strong growth from the frozen side of MorningStar Farms this year.”
Kellog declined to comment Friday.
Incogmeato will give MorningStar Farms a presence in the refrigerated meat section to further drive household penetration, according to the report.
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As more people eat at home, Kellogg Co. is tapping into shifting consumer habits. More consumers are looking for new and exciting brands with an emphasis on health-conscious products and cleaner labels, and Kellogg is pushing to stay relevant as reflected by its portfolio investments and upcoming product launches.
Cahillane underscored the company’s heightened role in the global pandemic as people’s lives and day-to-day activities are drastically changed.
“People are staying home to stay safe, not eating out, less frequent grocery shopping and schools are closed, which means limited access to food for many of those children and families in need,” Callihane said. “The food we make — nutritious, safe, frozen and shelf-stable food — is critical to sustaining life and providing a sense of safety and security.”
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Upon the announcement that its health and wellness is seeing some of the highest growth, Kellogg will continue to invest in the plant-based portion of its portfolio. The company reported that consumer demand for plant-based protein is rising for dietary and environmental reasons, which has accelerated the frozen plant-based protein category to high-single-digit growth in recent quarters.
The company frozen food business also grew with an increase in sales of its iconic Eggo Waffles.
Kellogg reported quarterly earnings of $1.24 per share, ahead of analyst expectations which projected an estimate of 93 cents by 33%. The company also beat its quarterly sales predictions with a reported $3.47 billion, 5% up from an expected $3.30 billion.
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