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.