Finances & Deals
Baking ingredients supplier AAK to scale up Savor's carbon-based fats
Carbon-based butter startup Savor has signed a two-year agreement with baking ingredients supplier AAK to co-develop specialty fat ingredients, with AAK also making an investment. The collaboration aims to provide sustainable and supply-stable fat sources for baking and dairy alternatives, with the new fats significantly reducing land use and carbon emissions compared to traditional products.
BellRing Brands Appoints Salty Snack Industry Veteran Michael Axelrod as CEO
BellRing Brands (maker of Premier Protein) has appointed salty snack industry veteran Michael Axelrod as President and CEO, effective July 29. Axelrod will succeed Darcy Davenport, who is retiring but will remain as an advisor. The move aims to tackle growing competition in the protein shake market.
Doritos Leverages F1 Partnership for Global Year-Round Coverage
Doritos is activating its official partnership with Formula 1 (F1), which runs through 2030, across more than 50 global markets. The new "The Crunch Prix" global campaign, crafted by Goodby Silverstein & Partners, focuses on fans watching from home. The brand also set up the "Doritos Thrill Zone" at the British Grand Prix and introduced a food truck collaboration with chef Gordon Ramsay. Executives from the PepsiCo-owned brand stated that F1's global calendar and evolving fan demographics offer a unique opportunity for large-scale marketing.
Century-old brand Turtles candy accelerates renewal, aiming to 'break out of its shell'
With a 110-year history, Turtles candy is accelerating innovation and marketing under its latest owner Pladis, attempting to attract younger consumers with a premium positioning and new flavors, seeking a larger share in the $55 billion candy market.
CVC Capital Acquires Irca, Expanding Its Food Ingredients Business Footprint
Private equity firm CVC Capital Partners announced the acquisition of Irca, an Italian supplier of dessert and bakery ingredients, with the transaction amount undisclosed and expected to close in the fourth quarter of this year. Under Advent's ownership, Irca's revenue grew from €370 million in 2021 to €1.5 billion (approximately $1.7 billion) today, with operations spanning over 100 countries worldwide. This acquisition marks CVC's second deal in the ingredients industry within a month, following its earlier announcement of a $4.3 billion acquisition of IFF's food ingredients business.
How TikTok Shop is Reshaping the Innovation Path for Food and Beverage Brands
TikTok Shop is becoming a new growth engine for the food and beverage industry, with its food category sales growing over 100% year-over-year. The platform not only provides a sales channel but also shortens the innovation cycle through the 'discovery commerce' model, enabling brands to quickly respond to online trends such as Dubai chocolate and freeze-dried candy. Based on an exclusive interview with Amanda Parker, Head of Food Business at TikTok Shop, this article analyzes how brands can use the platform to achieve a closed loop from content to commerce, and offers operational recommendations.
Hershey Integrates Sweet and Salty Snack Business: A Win-Win for Retailers and Consumers
In March of this year, Hershey merged its confectionery, salty snack, and protein product businesses into a unified structure, aiming to strengthen relationships with retailers and consumers. Following the integration, Hershey has driven cross-category sales through a single point of contact, such as pairing Reese's with Dot's Pretzels in displays, achieving a 34% sales increase. Meanwhile, the company is advancing product recipe optimizations, including the return of the classic Reese's formula and a planned Kit Kat improvement by 2027, and has committed to removing artificial colors from its U.S. products by the end of 2027.
PepsiCo expands use of autonomous trucks in supply chain
PepsiCo plans to expand the use of autonomous trucks in its North American supply chain through a multi-year partnership with Gatik, currently operating 41 autonomous trucks in Texas, Arizona, and Arkansas, aiming to optimize regional logistics networks and enhance service consistency.