Hormel Foods Unexpected outcome for the company
Of the divisions, only Refrigerated Foods was convincing with growth of 9.2%. In the other divisions, there was a strong decline in some cases. In the current year, sales are expected to rise again. The management expects sales of $9.5 to 10.3 bn.
Hopes rest not only on established brands such as Spam Spam Spam, Wholly and Jennie-O, but also on the latest innovations. Capacity expansions are also expected to boost the growth of the Columbus brand of sausage products. A new factory is scheduled to come on stream in early 2021. The medium-term prospects are also good. After all, per capita consumption of meat has been rising continuously for years.
The background is the increasing importance of protein intake among health-conscious consumers. According to industry experts, the world market for meat products will grow by 4% annually until 2023. For meat snacks, an annual growth rate of 8% is even predicted.
(Bild: Hormel Foods)
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