Soup has been struggling, but Campbell Soup Company (NYSE:CPB) is ready to spice up its servings — and hopefully its sales. The company is set to debut at least 30 new products in fiscal 2013, according to Food Business Review — as many new products as have been added in the past two years combined.
High commodity costs combined with low sales have hurt the business, with ready-to-serve soup sales in particular lagging behind, despite Campbell’s attempts to grow that part of its business. CPB, which also sells snacks and beverages, saw earnings slip 5% in its most recent quarter, and shares have slid about 6% since the May 21 report.
The solution? At least 30 products with specific targets, including:
- Chunky Chipotle Chicken & Corn Chowder Soup
- Chunky Jammin’ Jerk Chicken Soup
- Two new Select Harvest line bisques
- Soup in a pouch
- “Skillet Sauces”
The Chunky chicken soups will continue to target young men, following the strategy evident in previous Chunky ad campaigns featuring NFL players and blue-collar workers. The Harvest line targets organic-food-lovers — a common trend in food marketing — with its main distinction being 100% natural ingredients. Both the Chunky and Harvest lines will sport updated labels.
The on-the-go pouches and other new flavors, along with non-soup products like V8 in juice boxes, are meant to appeal to younger consumers. Simple “Skillet Sauces” for cooking meat aim to rival frozen dinners in their ease of use.
