The new innovation hub will focus on three areas the company feels are ripe for growth: well-being snacks, digital platforms, and premium snacks, according to Mondelez EVP and chief growth officer, Tim Cofer.
The maker of brands like Oreo, Toblerone, and Sour Patch Kids will launch a business unit this November aimed at developing the future of snacking, Mondelez announced Monday in their third quarter earnings call.
One of the fastest growing food categories, the snack business grew $3.4 billion globally last year, but the increase in sales comes from consumers spending more, not purchasing more, according to an analysis from Nielsen.
That growth is good news for Mondelez—the $26-billion-in-revenue company that produces belVita breakfast biscuits, Wheat Thins, Triscuits, Ritz crackers, and Nilla wafers—as long as it can keep up with the quickly shifting preferences of shoppers.
The snacking giant, number 117 on the Fortune 500 list, expects the program to contribute $100 million to revenue by 2022.
Cofer will lead the innovation team, dubbed SnackFutures, which will include both internal talent and entrepreneurial-minded partners. He spoke to Fortuneabout the goals, strategy, and structure of the new independent business unit ahead of the announcement Monday.
Read more at Fortune: http://fortune.com/2018/10/29/mondelez-snack-futures/