Campbell’s Soup has been a staple of the American diet for more than 140 years, but the company has seen its core product lose its market share in recent years.The company is struggling to maintain relevance, particularly with millennials, a group of about 80 million Americans between the ages of 18 and 34, according to Forbes’ Jenna Goudreau.
Unless the soup company can increase sales with this demographic, business experts predict that The Campbell’s Soup Company will be rendered extinct within the next 10 years.
Campbell’s CEO Denise Morrison, who has been in office for just over a year, is pushing numerous marketing initiatives to target America’s younger, more mobile population and said that by August, 50 new Campbell’s products — including 32 new soups — will have hit supermarket shelves.
Some of these new products include Go Soups, a six-flavour line in plastic pouches, and ShakeDowns, a line of pre-cut vegetables that come with dry seasoning packets, both meant to convey portability and freshness.
But soup-in-a-bag for twentysomethings isn’t Morrison’s only big move, reports Forbes. In the next decade she plans to expand business operatives in Indonesia, Malaysia, Mexico and Australia, while also “ramping up exports to Europe, Asia and the Middle East.”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.