Campbell Soup is set to undergo a major transformation by dropping “soup” from its name to reflect its diverse product offerings. The company, known for its iconic soups, is expanding into chips, sauces, cookies, and beverages.
Shareholders will vote on the proposed name change to The Campbell’s Company at the annual meeting in November. While soup remains a significant part of the business, recent acquisitions and product expansions have diversified Campbell’s portfolio.
Soup now accounts for only 25% of total sales, down from over 40% in 2017, with snacks making up around half of the sales. Campbell’s CEO, Mark Clouse, emphasized the company’s evolution beyond soup while affirming the continued importance of the core product.
With a focus on 16 “leadership brands” across meals, beverages, and snacking divisions, Campbell Soup is aiming for continued growth and financial stability. The company’s forecast suggests that Goldfish will become its top-selling brand by 2027.
While uncommon, name changes in the food and beverage industry reflect strategic shifts and expansions. Molson Coors Brewing’s rebranding as Molson Coors Beverage Company in 2019 is another example of companies adapting to new market trends and opportunities.