DEERFIELD, Ill. – Snacks are one of the fastest-growing categories of food, advancing $3.4 billion worldwide in 2017. That’s great news for companies such as Mondelez, which makes Oreos, Sour Patch Kids, Toblerone, Wheat Thins, Nilla wafers, Ritz crackers and belVita biscuits, Fortune reports.
Mondelez has announced it will launch a business devoted to developing the snacks of the future. The innovation hub will focus on digital platforms, premium snacks and well-being snacks, according to Tim Cofer, executive vice president and chief growth officer for Mondelez. The company expects the new division, called SnackFutures, to generate $100 million by 2022, with new products on shelves sometime next year.
“SnackFutures is about capitalizing on new trends, mobilizing this ecosystem of entrepreneurs and the best of internal all towards our end goal, which is consumer-centric growth and to really advance our global snacking leadership,” Cofer said.
SnackFutures will invent new products, invest in outside ventures and revamp small or local brands. “Our portfolio of offerings really does run the continuum from indulgence and pleasure products, like chocolate, all the way to wholesome products, like, in the U.S., a Triscuit, or, around the world, like a belVita,” he said. “But if we look at our portfolio makeup, I think it’s fair to say that we skew more towards the indulgent side, so my first key area of focus in the SnackFutures group is well-being snacks and well-being ingredients.”