CEO Mark Smucker has outlined plans to expand the company’s premium, cold coffee and ready-to-drink ranges in response to increasing consumer demand for high-quality coffee at-home
J.M. Smucker is forecasting increased annual sales of its licensed Dunkin’ coffee range to $1bn within the next four years | Photo credit: J.M. Smucker
J.M. Smucker is seeking to strengthen its premium retail coffee division via the expansion of its Folgers Black Silk packaged coffee and an enhanced Dunkin’ range.
In February 2023 CEO Mark Smucker told a meeting of the Consumer Analysts Group of New York that his company would respond to increasing consumer demand for high-quality coffee at-home across the country.
Part of the strategy will include expanding and promoting Folgers Black Silk, which Smucker said was the fastest growing, premium-focused dark roast canister among younger consumers, as well as product expansion ‘into no-brew liquid concentrates, multi-serve and ready-to-drink offerings’.
J.M. Smucker is also forecasting increased annual sales of its licensed Dunkin’ coffee range to $1bn within the next four years, led by investments in Dunkin’ K-Cup pods and the launch of a single-serve, no brew Dunk Cold coffee powder.
Ohio-based J.M. Smucker’s US Retail Coffee segment achieved 11% sales growth to reach $735m in the three months to 31 January 2023, marginally lower than the group’s highest performing US pet food category ($759m).
The coffee, food and pet food manufacturer said price increases across its retail coffee brands, which include Folgers, Café Bustelo and licensed Dunkin’ at-home and retail coffee ranges, boosted revenues in the segment.
J.M. Smucker achieved third quarter total sales growth of 8% to reach $2.2bn.