With 93 million millennials scouring the ingredient list on every package they buy, Hain and other brands are staying ahead of the curve and giving consumers what they want.
NEW YORK -- One of the biggest challenges facing packaged food companies today may be consumer demand for simple ingredients, said Irwin Simon, chairman, president and chief executive officer of the Hain Celestial Group, Inc. And leading the charge, he added, are the 93 million millennials whom "no consumer packaged goods companies should overlook."
"I think one of the big things the big food companies are facing today: 'I'm not getting any growth; if I'm not getting any growth, do I want to go clean up my product line and have margin dilution because of it, and make a bet that I'm going to get the sales increase?'" Mr. Simon said during a May 27 presentation at the Citi Global Consumer Conference in New York. "'Or am I just going to hang in there, maybe I will take my trade promotions down, not promote enough; because how far can I fall? But I want to keep my margins.'
"Listen, at the end of the day today, there's 93 million millennials out there that are focused on ingredients (and) read packaging today."
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