Americans are snacking less, according to packaged food giants like General Mills, J.M. Smucker Co., and Campbell Soup Company, all of which reported sales declines of 3% to 7% in the most recent quarter.
Executives attribute the slowdown to inflation and high prices, as consumers pull back from sweet and salty snacks that have seen average price increases of 22% since 2020.
Analysts say that while weight-loss drugs like Ozempic may play a small role in the decline, they suggest that product changes and price cuts may be on the horizon.
