CHARLOTTE, N.C. -- Snyder’s-Lance Inc. plans to grow its better-for-you snacks offering to 40% of its total portfolio sales within the next year, said Carl E. Lee Jr., president and chief executive officer.
The Charlotte, N.C.-based company has been expanding its health-oriented offerings for the past two years, building it to about one-third of total sales in 2016, up from 25% in 2014. Expansion has come mostly through product renovation and the acquisition of Diamond Foods earlier this year.
This expansion puts the company well ahead of industry trends for non-GMO, organic products that also include such attributes as gluten-free, whole grain and reduced-fat. In the salty snacks category overall, better-for-you products generated 16% of sales last year and is expected to grow to 22% by 2020, said Lee, citing data from Information Resources Inc. He discussed his company's efforts during a presentation at the Barclays Global consumer Staples Conference in Boston on Sept. 7.
He said that consumers now expect non-GMO claims and are beginning to expect organic claims on the snacks they buy. “But beyond that, the consumers are not going to give up taste. They’re not going to give up quality."
In addition to Snyder’s of Hanover, Snyder’s-Lance’s brands include Lance, Cape Cod, Snack Factory Pretzel Crisps and Late July. The Diamond Foods acquisition added Pop Secret, Emerald, Diamond of California and Kettle Brand.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.