Dive Brief:
- Campbell Soup is moving its Goldfish cracker brand into crisps with its newest innovation, the soup and snacking giant said.
- Goldfish Crisps is the first Goldfish in the snack’s history made with potato, and they are larger than the traditional Goldfish. The new snack is available in three flavors, Sour Cream & Onion, Cheddar, and Salt & Vinegar. The Crisps maintains the brand’s iconic fish shape.
- The launch builds upon efforts by Campbell and other food manufacturers to take existing products and bring them into adjacent categories to boost sales and brand awareness.
Dive Insight:
While Campbell Soup has been expanding its portfolio in recent years through the acquisition of Snyder’s-Lance for $4.9 billion in 2018, and now the pending purchase of pasta sauce maker Sovos Brands for nearly $3 billion, the 154-year-old company hasn’t lost sight of the need to innovate within its existing portfolio.
The New Jersey-based CPG giant has a storied portfolio of brands, including its namesake soups, V8, Pepperidge Farm, Prego and Swanson. In recent years, Campbell Soup has taken many of its brands into new areas while at the same time not straying too far away from what consumers associate with those products.
During the summer, Campbell Soup debuted two gluten-free offerings — Cream of Mushroom and Cream of Chicken. It was the first time it introduced gluten-free offerings in its Campbell’s-branded portfolio. And in January, its Kettle line unveiled the first kettle-cooked, air-fried potato chip.
Goldfish also has been a popular source of innovation at Campbell Soup. Last year, for example, it debuted Mega Bites, a Goldfish geared toward adults that is 50% larger than the regular cracker.
Goldfish Crisps is not just about a larger size but also about creating a meaningfully different snacking experience than the traditional Goldfish cracker. The top ingredient in the cracker is enriched wheat flour, but for the Crisps, it’s potatoes. This allows Campbell Soup to produce a puffier, more unique chip-like texture.
The Crisps will debut on store shelves at major retailers in January.
Crisps have been a popular category for innovation in the food space, and Campbell Soup will now be able to further tap into that demand. Market Data Forecast said the North American chip and crisp market was worth $12.4 billion last year and will grow to $15.4 billion by 2028.
Goldfish is one of the food manufacturer’s most valuable and fast-growing brands, approaching $1 billion in annual sales. The company noted that Goldfish has been ranked the No. 1 favorite snack for teens for the fifth time in a row, according to Piper Sandler. It’s also popular among adult snackers who make up nearly 50% of its buyers, Circana found.
In July, Campbell Soup announced it was investing $160 million in its Richmond, Utah, manufacturing facility to expand production of Goldfish crackers to help meet increased consumer demand. The new line will increase the bakery’s output of Goldfish by 50% and produce more than 5 million Goldfish per hour.
