Sales of comfort and snack foods are soaring as a result of the coronavirus situation, driving up the fortunes of center-store food processors, according to Bloomberg Intelligence.
According to IRI and Nielsen data, recent sales phenomena include:
- General Mills, Tyson Foods, Campbell Soup and Kraft Heinz all saw sales gains between 10% and 20% for the four weeks ending March 8.
- Mondelēz International is reporting increased sales of crackers and cookies.
- For other snacks, in the week ending March 14 compared to a year earlier, popcorn was up almost 48%, pretzels up 47% and potato chips up 30%.
- Other staple foods showing increases include beef, chicken, milk and potatoes.
A Bloomberg analyst said that some of these trends may outlast the coronavirus crisis, as Americans who lose their jobs turn to eating at home and making meals out of less expensive foods.
