Kraft beefs up snacks in China’s market
Kraft Foods Inc. says it’s planning on revising products like Ritz crackers to taste like beef stew and Oreos cookies to have more of a birthday cake flavor in efforts to reverse its somewhat staled position in China.
The world's number-two food company says that it expects to release a slew of new products, broaden distribution channels and rev up marketing in the fast-growing country. The U.S.-based company hopes to garner more of China's snack-food market, which is expected to reach an estimated 77 billion yuan ($12 billion) by year-end, up 44% from 2008, according to research firm Euromonitor International. "We want to lead the industry here," says Warren, who declined to disclose spending figures and other specifics.
People are buying more packaged foods, so the segment is important to Kraft’s business, reports say.