Major consumer companies including Kraft Heinz Co and Conagra Brands Inc are culling product lines to combat sky-high costs and falling consumer demand, their executives said this week.
Eliminating less popular products is part of a "decomplexity program" underway at Kraft Heinz, its executives said at the Consumer Analyst Group of New York Conference this week. It recently discontinued Heinz Real Mayonnaise.CEO Dirk Van de Put told Wall Street analysts at the conference that the Oreo maker had clear rules on replacing old products with new ones - "one in, one out.
Companies cull product offerings to make room for new iterations of their most popular items, such as smaller-sized versions for dollar stores or larger ones for warehouse chains like Costco Nestle said cutting products saved 1 billion Swiss francs last year , while Unilever said the practice saved $2 billion.. Products most likely to get the boot are those with niche or limited popularity.
"We recognize that price concerns are more elevated at this point in time, but that's where we can lean in and have data driven negotiations with our suppliers," Chief Financial Officer John David Rainey said.
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