In recent years, Campbell Soup has been broadening its portfolio, highlighted by the acquisition of Snyder’s-Lance for $4.9 billion in 2018 and the upcoming purchase of pasta sauce producer Sovos Brands for nearly $3 billion. Despite these expansions, the 154-year-old company remains focused on innovating within its existing brand lineup. Based in New Jersey, Campbell Soup boasts a diverse range of well-known brands such as its signature soups, V8, Pepperidge Farm, Prego, and Swanson. Recently, Campbell Soup has ventured into new markets with several of its brands while staying true to the consumer perceptions of those products.
This summer, Campbell Soup introduced its first gluten-free items in the Campbell’s-branded line: Cream of Mushroom and Cream of Chicken soups. In January, the Kettle line launched the first kettle-cooked, air-fried potato chip. Goldfish has also been a key area of innovation for Campbell Soup. For instance, last year saw the debut of Mega Bites, a Goldfish product aimed at adults that is 50% larger than the standard cracker.
Goldfish Crisps go beyond just size; they aim to provide a distinctly different snacking experience compared to the traditional Goldfish cracker. While the primary ingredient in the original cracker is enriched wheat flour, the Crisps use potatoes, resulting in a puffier, unique chip-like texture. These Crisps are set to hit store shelves at major retailers in January. The Crisps category has been thriving in the food industry, and Campbell Soup is poised to capitalize on this trend. According to Market Data Forecast, the North American chip and crisp market was valued at $12.4 billion last year and is projected to reach $15.4 billion by 2028.
Goldfish is one of Campbell Soup’s most valuable and rapidly growing brands, nearing $1 billion in annual sales. The company highlighted that Goldfish has been recognized as the top snack choice for teenagers for the fifth consecutive time, as reported by Piper Sandler. Additionally, it enjoys popularity among adults, who account for nearly 50% of its customers, according to Circana. In July, Campbell Soup announced a $160 million investment in its Richmond, Utah, manufacturing facility to boost Goldfish cracker production in response to rising consumer demand. This new line will enhance the bakery’s output of Goldfish by 50%, producing over 5 million pieces per hour.
As Campbell Soup continues to innovate, it’s interesting to note that some consumers may be curious about health-related inquiries, such as whether calcium citrate lowers blood pressure. This kind of consumer awareness reflects the evolving landscape in the food industry, where brands must adapt not only through product development but also by addressing health concerns.