During its investor day earlier this month, Conagra revealed it has earned USD11.1bn in net sales last year. 30% of this sum came from grocery and snacks, 28% from Pinnacle Foods and 25% from its refrigerated and frozen business, notes a report from Nosh.com.
Conagra’s refrigerated and frozen products account for 45% of the company’s dollar sales. Following the acquisition of Pinnacle Foods, one of Conagra’s main goals is going to be to expand the Birds Eye lineup of products. Recent entries in the series include one-dish meals like “veggie made” mac and cheese with zucchini lentil pasta, zucchini spirals and Over Roasters vegetable sides.
The company – which is the second largest vendor of frozen food in the US, only behind Nestle – is developing new strategies to help reposition some of its brands in order to make them more relevant to shoppers. According to the report, 35% of Millennials said they “rarely eat” frozen dinners. Conagra wants to change that through advertising campaigns that emphasize cultural interests such as music and fashion.
Meanwhile, older Millennials who have started families are the largest consumer segment for frozen food, which provides the main catalyst for growth in the category.
On top of frozen food, Conagra also has plans to focus on the snacks and condiments category. When it comes to the latter, the company aims to make a shift to cleaner labels. For example, the firm is looking to launch a new product under the Hunt brand including a natural, non-GMO, high fructose corn syrup-free ketchup.