Brioche-style packaged baked foods have seen rapid growth in recent years and gained heightened profile in late 2022 with the announcement by Grupo Bimbo SAB de CV that it had acquired St Pierre Group.
A softening of food demand was to be expected in 2023 given the magnitude of food price inflation experienced over the past two years, said Nestle's CEO.
An update on the impending process was shared by Flowers executives in connection with financial results for the fourth quarter of 2023 and guidance for 2024.
After softening in the first quarter, Ardent Mills earnings rebounded in the second. Conagra said higher earnings were generated at Ardent Mills despite weaker volumes.