Saturday, March 9, 2024
HomeMeatIs all of it only a storm in a cereal bowl?

Is all of it only a storm in a cereal bowl?

The breakfast cereal sector – which is anticipated to develop at a CAGR of 4.2% throughout 2022-2028 to $57.5m, in keeping with Perception Companions – has been a lot within the information of late, because of each its advocates and its opponents.

Proper off the bat, WK Kellogg​ CEO Gary Pilnick managed to nab the headlines with what I think was a heartfelt suggestion, however one which rapidly backlashed right into a media furore.

Pilnick’s views additionally open the avenue to research the price of a bowl of cereal at present vs a yr in the past. And thirdly, I delve into reviews that voluntary fortification of vitamin B by the breakfast cereal sector – whereas achieved in good religion – may have ominous repercussions.

Them vs us

Gary Pilnick

Gary Pilnick

Pilnick’s supposed ‘off-the-cuff’ remark has opened a can of worms.

“The cereal class has at all times been fairly inexpensive and it tends to be an important vacation spot when shoppers are below strain,” Pilnick advised CNBC’s Squawk on the Road throughout a dialogue about grocery costs which have billowed by 28% over the previous 4 years.

“If you consider the price of cereal for a household versus what they may in any other case do, that’s going to be rather more inexpensive.”

CNBC host Carl Quintanilla requested the WK Kellogg CEO whether or not his remarks may “land the incorrect method”, however Pilnick insisted that “cereal for dinner is one thing that’s most likely extra on pattern now, and we’d count on [it] to proceed as that shopper is below strain.”

As a millionaire and purportedly past the ache of inflation, the media was fast to coin Pilnick’s quote as ‘allow them to eat flakes’ (suppose Kellogg’s Frosted Flakes).



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