Hormel Foods may have been founded in 1891 in Austin, Minnesota, but the supermarket staple is still adapting to new consumer preferences.
Its new plant-based meat product Happy Little Plants targets shoppers that would otherwise be searching for the more popular brands on the scene, like Beyond Meat or Impossible Foods.
“I know there are some companies that came out and had some big valuations, but this was an insight that we had well before that. Obviously, consumers are looking for ways to explore plants,” Jim Snee, chairman, president and CEO of Hormel Foods, told Cheddar on Thursday. “We say they’re plant-curious.”
Experience is on the side of Hormel. The company boasts 40 different brands, like Skippy and Applegate, that are ranked first or second in their respective categories. SPAM, an 83-year-old brand, just saw its fifth consecutive record year of sales.
“Every time we say ‘Happy Little Plants,’ people smile,” Snee said. “We think that we have the brand-building capability.”