In the latest FI Fast Break news podcast, we discuss Starbucks’ corporate layoffs, the latest in functional snacks, and more.
In other news, word of mouth remains the main way in which 62% of diners discover new restaurants. A new report showed that 51% of diners find new places to eat via Google search, followed by delivery apps (37%) and chatbots like ChatGPT (22%), reported Restaurant Business. Full Story
Elsewhere, brands are testing functional snacks and crossovers to drive growth, rolling out products like probiotic fruit snacks and reformulated iced teas that strike a balance between digestive health, novelty, and familiar flavors to stand out on the crowded snack and beverage aisles, reported Food Dive. Full Story
Meanwhile, Starbucks is laying off 300 corporate employees in its third round of job cuts since CEO Brian Niccol took the reins – fresh off a better-than-expected earnings report. Additionally, the brand will shutter four regional support offices to return the company to growth, reported CNBC. Full Story
At the 21st annual BMO Global Farm to Market conference, industry leaders discussed the impact of market volatility on agribusiness. Private label, convenience, and better-for-you beverages emerged as clear growth levers. FI Focus
And lastly, protein beverage Muscle Milk reformulated its offerings, paring down its ingredient list and incorporating 26-42g of protein per serving – without artificial colors, flavors, and sweeteners. The brand cited the prevalence of protein intake consumer confusion as a reason to simplify its value proposition. Full Story
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