Del Monte Foods, the manufacturer and supplier of at-home food products, announced that it has added the Kitchen Basics brand to its portfolio. Kitchen Basics is a manufacturer of soup stocks and cooking broths that was founded in 1996 by McCormick & Co., and has since grown to become a reputable name in the stock and broth space.
Del Monte Foods stated that the reason for the acquisitions was to place an increased focus on the home-preparation space for meals, as more customers get into home cooking and meal preparation practices. Additionally, Del Monte Foods' President, Greg Longstreet, stated: "As we plan for the next decade of growth, we're committed to strengthening our branded product portfolio to meet consumers’ changing needs," showing that the brand consistently remains aware of consumer pressures and adapts accordingly.
Broth Company Acquisitions
Del Monte Foods Acquired the Kitchen Basics Brand from McCormick & Co.
Trend Themes
1. Acquisition of Broth Companies - As Del Monte Foods acquires Kitchen Basics from McCormick & Co., we can expect more acquisitions in the broth and soup stock space.
2. Home Cooking Trend - The trend towards home cooking and meal preparation creates opportunities for companies like Del Monte Foods to focus on developing and promoting at-home food products.
3. Branded Product Innovation - Del Monte Foods' commitment to strengthening their branded product portfolio shows a trend towards innovation and adaptation to changing consumer needs.
Industry Implications
1. Food Manufacturing - As more customers turn towards home cooking practices, there will be increased demand for high-quality, convenient food products from companies like Del Monte Foods.
2. Consumer Goods - The acquisitions and innovation in Del Monte Foods' branded product portfolio shows the potential for growth and success in the consumer goods industry.
3. Packaged Foods - With the potential for continued growth and innovation in the packaged foods industry, companies like Del Monte Foods can utilize disruptive technologies and practices to meet the changing needs of consumers.