The State of Food Innovation: Consumer Packaged Goods in Boston
/Consumer Packaged Goods (CPG) manufacturing is a leading global industry. Over the past ten years, food manufacturers have transformed business practices in response to changing consumer preferences. Campbell Soup, one of the largest CPG companies in the world, saw a decrease in profits of almost 20% in the last fiscal year, and is one of many Big Food companies that are experiencing the shift: since 2009, the top twenty-five food and beverage names in the United States lost the equivalent of $18B in market share to startups and small businesses. The entrepreneurs behind these smaller companies create products that reflect changing public values and build trust between company and consumer. Greater Boston has been an unsuspecting leader in CPG since the dawn of the NECCO wafer and cites companies like Schrafft's, Stacy's Pita Chips, and The Boston Beer Company as more recent success stories. Beyond brand, Boston is a place where innovative food product companies continue to launch and grow.
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