Campbell Cooking Up 'Disruptive Innovation'
Will launch more than 200 new products in fiscal 2014
CAMDEN, N.J. -- Campbell Soup Co. expects to launch more than 200 new products in fiscal 2014 as the company strengthens its core businesses and expands into higher-growth spaces, including new consumer segments, categories and geographies, president and CEO Denise Morrison and her management team said Wednesday at a meeting with investors.
Reviewing Campbell's growth and performance in fiscal 2013, Morrison said, "We've grown our percentage of sales from both sustaining and disruptive innovation, and we've multiplied the number of new breakthrough ideas in the pipeline."
To build on its momentum, Campbell is responding to the evolving tastes, preferences and needs of both its core consumers and new consumers by driving innovation across soup and simple meals, snacks and healthy beverages.
Campbell plans to launch Campbell's Homestyle soups, a new line with "the taste that takes you home," which will feature wholesome ingredients like strips of roasted white meat chicken, vegetables and seasoned chicken stock. This product has no added preservatives and will be available in 29 varieties.
Campbell intends to build on the success of its Campbell's Chunky soup line, with new pub-inspired varieties, including Hearty Cheeseburger, Spicy Chicken Quesadilla and Philly-Style Cheesesteak. These new flavors are designed to further enhance the brand's appeal to males who enjoy ready-to-serve soup. With Green Bay Packers linebacker Clay Matthews as the new star of its popular Mama's Boy advertising campaign, Campbell's Chunky also plans to launch new and improved recipes for some of its most popular varieties, including New England Clam Chowder, Old-fashioned Vegetable Beef and Beef with Country Vegetables.
Consumers can also expect a new Creamy Thai Style Chicken and Rice variety of Campbell's Go soups, a premium line of soups that features microwaveable pouch packaging, as well as new varieties of Healthy Request and Campbell's condensed soups.
The introduction of Campbell's Slow Cooker Sauces will expand the company's offerings in the dinner sauce category. Campbell's Slow Cooker Sauces will make it easy for consumers to prepare convenient meals with their favorite meats in slow cookers, which are owned by more than 80% of U.S. households and used to prepare nearly 500 million meals a year. To drive consumer awareness about this easy and delicious dinner sauce, Campbell is partnering with CrockPot, a brand leader in slow cookers with almost half of the market share. Campbell's Slow Cooker Sauces will be available in six varieties, including Apple Bourbon Barbecue and Tavern Style Pot Roast.
The launch of Campbell's Slow Cooker Sauces builds on the introduction of Campbell's Skillet Sauces, which are expanding in fiscal 2014 with two new varieties: Creamy Parmesan Chicken and Sweet & Sour Chicken.
Mark Alexander, president of Campbell North America, said, "Together, these innovative products are enabling Campbell to tap into the nearly $200 billion dinner segment with consumer propositions that are unique, delicious and convenient."
Campbell also expects to introduce a new line of Swanson flavor-infused broths featuring a selection of culinary-inspired varieties such as Mexican Tortilla and Thai Ginger.
To expand the Goldfish brand's appeal, the company has launched Goldfish Puffs, cheesy air-puffed baked snacks that have been created with teens in mind. Goldfish Puffs are just 140 calories per serving and gluten-free. Additionally, Goldfish crackers are expected to be offered in new varieties inspired by Hispanic taste preferences, including Salsa Con Queso, Fiesta Flavor Blasted and Kick It Up a Nacho.
The company is also making a splash at mealtime with Pepperidge Farm Goldfish Mac & Cheese, the brand's first entry in the simple meals category, made with real cheese sauce. Goldfish Mac & Cheese will be available exclusively in Walmart stores nationwide.
To drive continued growth in Pepperidge Farm cookies, the company expects to launch two limited-edition holiday varieties of Milano cookies: Chocolate-dipped Milano and a Candy Cane Milano. Pepperidge Farm also plans to continue to rotate seasonal varieties of its Dessert Shop cookies, with Pumpkin Cheesecake and Caramel Apple varieties returning this fall.
Irene Chang Britt, senior vice president of global baking and snacking and president of Pepperidge Farm, said, "Our innovation plans are based on changes we are seeing in the macro-snacking environment, where there's been a significant shift in people's eating patterns. The number of people snacking three to four times a day or more has risen substantially with mini meals replacing traditional meal times. Pepperidge Farm has a broad spectrum of products to meet these consumers' needs--from sandwich bread, rolls and baked crackers to sweet and indulgent treats."
Campbell plans to introduce V8 V-Fusion Refreshers, a new juice cocktail that the company said offers a crisper, cleaner taste. V8 V-Fusion Refreshers juice cocktails are expected to be available in four delicious varieties, including Black Cherry Berry and Cranberry Grape.
To drive growth in specialty beverages such as energy drinks and kids juice boxes, Campbell is expanding its V8 V-Fusion + Energy beverage range by introducing two new diet varieties: Diet Strawberry Lemonade and Diet Cranberry Raspberry. Campbell is also rolling out new variety packs of V8 V-Fusion juice drink boxes for kids as well as a new grape variety. The planned launch of V8 Bloody Mary mix will enable consumers to enjoy the taste of V8 100% vegetable juice as a mixer.
V8 Harvest juice will be the brand's first entry in the rapidl -growing $12 billion packaged fresh category. This fresh 100% tomato vegetable juice was developed jointly by Campbell and Bolthouse Farms, which became part of Campbell in August 2012. V8 Harvest juice will be available in the refrigerated section of the retail store perimeter, where a growing number of consumers are shopping for fresh foods--particularly Millennials, a key demographic group for Campbell.
Campbell Soup Company is a manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including Campbell's, Pepperidge Farm, Arnott's, V8, Bolthouse Farms and Plum Organics.