Campbell Soup Company (NYSE:CPB) 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 Chief Executive Officer Denise Morrison and her management team said today 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.
Soup and Simple MealsCampbell plans to launch Campbell’s Homestyle soups, a new line with “the taste that takes you home,” which will feature wholesome ingredients like juicy strips of roasted white meat chicken, vegetables with farm-fresh goodness and seasoned chicken stock. This delicious 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, which delivered strong growth in the past year, 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 strong appeal to males with hearty appetites who enjoy filling, 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 and bold, adventurous flavors, as well as new varieties of Healthy Request and Campbell’s condensed soups. Creating a New Dinner Sauce Category 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 percent 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 - 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.”
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