Inflation continues to eat away (no pun intended) at the food budgets of the average U.S. consumer. The Bureau of Labor Statistics (BLS) indicates the Consumer Price Index for All Urban Consumers—a mark of how much the price of a filled-up grocery cart changes over time—increased 2.6% over the year-long period ending in October 2024.

However, there is good news to report, especially for the top-ranked snack and bakery producers. One, inflation has slowed significantly compared to previous years. In last year’s coverage of the leading companies in baking and snacks, Snack Food & Wholesale Bakery reported the BLS put the cost of the price of bread (another of the ways the agency drills down on inflation’s impact on consumers) at $1.89 at the start of 2023 (a staggering 22% increase over the course of the year). At the onset of 2024, that same price tag was $2.03—still an increase, but a much more palatable jump of about 7%.

Also, most of the companies who are ranked in this year’s Top 50 Snack & Bakery Companies list enjoyed a bit of growth over the course of 2023—and most of those that saw a decline didn’t decline much. This overall positive trend in dollar sales enjoyed by the chart-toppers is notable, considering the high stack of challenges companies of any size have had to wrangle with—consumer inflation as mentioned above, but also ongoing labor shortages and surging materials costs, to mention a few.

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American Bakers Association President/CEO Eric Dell told us in our 2024 State of the Industry coverage says the field continues to show remarkable resourcefulness and resilience, which bodes well for the future of food.

“What we're seeing in terms of automation, and AI, shows how the industry is really rapidly changing to meet the demands of the future and the demands of today as well,” he noted.

It turns out the word “resilience” has been a key phrase used in describing the snack and bakery businesses (and the professionals working therein) in most of SF&WB’s Top 50 and State of the Industry coverage going on several years now. This continued demonstrated ability to roll with the punches, and ongoing innovation, bodes well for the future of snack makers and bakery operations in the future.

Company Highlights

WK Kellogg, Kellanova, and Mars:

The halving of Kellogg’s, announced in June 2022, became officially done and buttoned up in October 2023. Over the course of the year, the two sibling companies continued innovating and enticing hungry consumers—so much so that the newly separated companies managed to each secure their own spot in the top half of our Top 50 list:

• At No. 10, Kellanova brought in $13 billion in revenue over the course of 2023, a slight increase over 2022’s reported $12.7 billion intake
• WK Kellogg saw revenue decline from $15.3 billion in 2022 to $11 billion in 2023 but still managed to land at No. 14 on the list

Then, in August 2024, things got interesting when Mars (ranked third on the Top 50 list) swooped in to buy Kellanova for a reported $35.9 billion. The two companies shook hands and entered into a definitive agreement on the deal. In a November 2024 vote, Kellanova shareholders gave the planned transaction a resounding thumbs up. While the Security and Exchange Commission (SEC) has yet to give its official seal of approval, market watchers expect zero resistance or objection to the move, which is anticipated to be finalized in the first half of 2025.

PepsiCo buys Siete:

As the owner of Frito-Lay’s powerful stable of snack brands, PepsiCo is already riding high enough to rank second on the Top 50 list (with 2023 revenue of $91.5 billion). Then, in October, the food and beverage giant made a move to further expand its snacking empire by plunking down a reported $1.2 billion to buy Siete Foods, a better-for-you outfit specializing in grain-free tortillas, cookies, and other treats. In addition to its BFY bona fides, the acquired company also plays in the strong-and-growing subcategory of snacks with a Latino flavor: "We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it's possible to build a thriving brand that honors our heritage and celebrates our culture,” remarked Siete CEO/co-founder Miguel Garza.

Mondelēz International innovation incubator:

In September, the international snacking giant (known for Oreo and Chips Ahoy cookies, among other large-presence brands) announced 10 companies selected in its second CoLab Tech program. Led by the company’s R&D team, the initiative seeks to pinpoint and develop technologies with the potential to positively impact the entire food field, not just Mondelēz. Companies represented in the 2024 CoLab program include a Spanish company with technology to neutralize gluten in wheat flour, a German startup behind a mixer reported to offer greater efficiency, an Israeli firm using cell-cultured tech to create climate-resilient cocoa, and more.

The J.M. Smucker Co. bets big on Uncrustables:

The company has an enviable number of long-standing and growing brands. For example, it reports its Uncrustables portfolio of thaw-and-eat sandwiches has expanded from $12 million to about $800 million in annual sales. To accommodate the increasing hunger for the little round PB&Js, the company opened an expansive new production facility in Alabama. According to President/CEO Mark Smucker, the company aims to bring Uncrustables to $1 billion in annual sales by the time FY 2026 rolls around.

Notable Products

Pepperidge Farm’s Milano cookies get foggy:

People often enjoy their cookies after dunking them in a cup of tea. In February, the Campbell's Co. brand announced a new product that put tea into the cookie. Milano London Fog, a limited-time extension of the baked-treat line, infused the cookie with the tastes of Earl Grey tea, milk chocolate, and vanilla sandwiched between two biscuits. The company added to the British flair of the item by recruiting Ted Lasso star Hannah Waddingham for the ad campaign.

Mr. Pringles has a brand-new bag:

Pringles potato crisps (created in 1968) have long been contained in distinctive tall, thin, cylindrical composite cans. With the launch of Pringles Mingles, the Kellanova-owned brand made its first venture into a flexible film bag. The extruded corn-base snacks (introduced in Cheddar & Sour Cream, Sharp White Cheddar & Ranch, and Dill Pickle & Ranch) might look different than their parabolic potato-based namesake, but the bowtie shape of the snacks hearkens back to the mascot’s trademark neckwear.

Courtesy of Kellanova

Betty Crocker turns Wicked:

Movie tie-ins are nothing new to the snack or bakery industry—characters from upcoming film adorn the front of chip bags, cookie cartons, and other packaging all the time. With their baking mix inspired by the movie musical Wicked, the General Mills baking brand aimed to increase the movie magic by adding a surprise twist: until opening the package and preparing the cupcakes, the consumer would not know if they’d be whipping up green “Enchantingly Emerald” (witch Elphaba’s signature color) or “Perfectly Pink” (Galinda’s witchy shade).

Courtesy of General Mills

Oreos launch into orbit:

The Mondelēz International cookie brand offers a colorful array of regular flavors, in addition to limited-time varieties. In January, the company blasted off with Oreo Space Dunk Cookies, which stuffed the signature chocolate wafer cookies with marshmallow-flavored crème (one layer bright blue, the other shockingly pink) and popping candies. Mondelēz promoted the brand by offering one consumer the chance to take a trip into space with flight firm Space Perspective.

Courtesy of Mondelēz

Wonder gets a round:

The Flowers Foods-owned bakery brand is likely best known for its bread loaves, and for its polka-dotted packaging. When the company announced a roster of 11 new products across various brands, it included Wonder Bagels among the mix. The brand’s first entry into the round bakery products included three flavors: Classic, Everything, and Blueberry; according to Wonder, the bagels offered consumers a light, airy bite.

Courtesy of Flowers Foods

For additional coverage of the Top 50 Snack & Bakery Companies, visit www.snackandbakery.com/top50.