WEBVTT 00:00:00.375 --> 00:00:02.252 - We are always listening to what consumers want. 00:00:02.252 --> 00:00:04.629 And we're always innovating and evolving everything 00:00:04.629 --> 00:00:07.298 from hearing from, "I want more protein in my products," 00:00:07.298 --> 00:00:08.842 or, "I want less sodium." 00:00:08.842 --> 00:00:12.303 This industry, the consumer asks and we deliver. 00:00:12.303 --> 00:00:13.722 - Melissa, Jeff, welcome. 00:00:13.722 --> 00:00:16.516 Melissa, what are the biggest challenges 00:00:16.516 --> 00:00:19.269 facing the consumer products industry right now? 00:00:19.269 --> 00:00:21.021 What do you think that leaders are, 00:00:21.021 --> 00:00:23.565 perhaps, underestimating the most? 00:00:23.565 --> 00:00:24.858 - I'd say the biggest challenge right now 00:00:24.858 --> 00:00:26.776 is all about affordability. 00:00:26.776 --> 00:00:29.446 And what I love about this industry is we're always focused 00:00:29.446 --> 00:00:31.197 on making sure we've got safe, affordable, 00:00:31.197 --> 00:00:33.825 convenient products, wide range of price points. 00:00:33.825 --> 00:00:36.536 The reality is we've been hit by supply chain challenges, 00:00:36.536 --> 00:00:38.580 such as ingredient prices going up, 00:00:38.580 --> 00:00:40.915 transportation prices going up. 00:00:40.915 --> 00:00:43.418 And as an industry, again, I appreciate, 00:00:43.418 --> 00:00:44.836 we're always thinking about the consumer. 00:00:44.836 --> 00:00:46.671 They're absolutely top of mind. 00:00:46.671 --> 00:00:48.631 And even in the US, we're starting to see states 00:00:48.631 --> 00:00:50.592 do their own thing around ingredient safety, 00:00:50.592 --> 00:00:53.261 adding almost another 12% to cost. 00:00:53.261 --> 00:00:55.680 So, for us, it's all about how can we get policies in place 00:00:55.680 --> 00:00:57.974 to make sure groceries stay affordable? 00:00:57.974 --> 00:01:00.310 What I think that leaders are underestimating 00:01:00.310 --> 00:01:02.020 is the power of transparency. 00:01:02.020 --> 00:01:05.398 We do so much to communicate about our products. 00:01:05.398 --> 00:01:07.275 Consumers say, "I wanna know what's in them." 00:01:07.275 --> 00:01:08.902 "What do these ingredients do?" 00:01:08.902 --> 00:01:10.528 And I think there's even more that we can do 00:01:10.528 --> 00:01:13.531 in the communication space to make sure consumers have 00:01:13.531 --> 00:01:15.158 what they need to make the right choices 00:01:15.158 --> 00:01:16.701 for themselves and their families. 00:01:16.701 --> 00:01:18.161 - Jeff, does that resonate with you? 00:01:18.161 --> 00:01:19.704 Especially the transparency point, 00:01:19.704 --> 00:01:20.872 I thought that was interesting. 00:01:20.872 --> 00:01:23.249 - I say, what Melissa said resonates a lot 00:01:23.249 --> 00:01:27.170 about the transparency and the affordability. 00:01:27.170 --> 00:01:28.880 And the one other thing I think is important 00:01:28.880 --> 00:01:31.549 is it's not just about affordability, 00:01:31.549 --> 00:01:34.302 it's really about value, at the end of the day. 00:01:34.302 --> 00:01:37.222 And it's not necessarily whatever's cheapest 00:01:37.222 --> 00:01:38.848 is what matters the most. 00:01:38.848 --> 00:01:42.435 It's really, no matter what you're spending your money on, 00:01:42.435 --> 00:01:46.898 no matter whether you are lower income or upper income, 00:01:46.898 --> 00:01:48.817 you gotta feel good about what you spend your money on, 00:01:48.817 --> 00:01:50.235 at the end of the day. 00:01:50.235 --> 00:01:52.570 - I wanted to dig a little bit more into that spending. 00:01:52.570 --> 00:01:55.949 Melissa spoke about the disruption, supply chain disruption. 00:01:55.949 --> 00:01:59.202 We've had a lot of disruption over recent years. 00:01:59.202 --> 00:02:01.579 How have you seen that changed, or has it at all, 00:02:01.579 --> 00:02:05.917 the way that companies keep, sell, or invest in? 00:02:05.917 --> 00:02:07.710 - There's been a lot of disruption, 00:02:07.710 --> 00:02:09.295 over the past several years. 00:02:09.295 --> 00:02:13.633 And I think people have taken a much sharper edge 00:02:13.633 --> 00:02:16.177 to what really fits. 00:02:16.177 --> 00:02:18.763 You've gotta really lean on what consumers want 00:02:18.763 --> 00:02:20.682 and where you have advantage. 00:02:20.682 --> 00:02:23.685 - There's been a lot of focus, Melissa, on the challenges, 00:02:23.685 --> 00:02:25.395 we've spoken about it just now, 00:02:25.395 --> 00:02:27.397 that are facing consumer products companies. 00:02:27.397 --> 00:02:29.774 But what about the opportunities? 00:02:29.774 --> 00:02:32.652 What are we perhaps not hearing about as much 00:02:32.652 --> 00:02:34.904 and where do you think that those could take us? 00:02:34.904 --> 00:02:36.364 - I wanna build upon something that Jeff said about, 00:02:36.364 --> 00:02:37.490 I mean, the consumers are absolutely 00:02:37.490 --> 00:02:39.075 at the heart of everything that we do. 00:02:39.075 --> 00:02:40.535 And I think about the feel-good stories 00:02:40.535 --> 00:02:41.870 that people don't know about. 00:02:41.870 --> 00:02:42.912 For example, in the US, 00:02:42.912 --> 00:02:45.623 we're the largest manufacturing sector by employment, 00:02:45.623 --> 00:02:47.125 22.3 million jobs. 00:02:47.125 --> 00:02:50.295 People might not know, that's one in 10 jobs in the US. 00:02:50.295 --> 00:02:53.256 We source our materials, 90%, from American farmers 00:02:53.256 --> 00:02:55.216 and other domestic suppliers. 00:02:55.216 --> 00:02:56.467 We're building new capacity, 00:02:56.467 --> 00:02:58.261 so new manufacturing facilities, 00:02:58.261 --> 00:03:00.638 new distribution centers across the US. 00:03:00.638 --> 00:03:03.016 And also, to build on what Jeff noted, 00:03:03.016 --> 00:03:05.101 we are always listening to what consumers want 00:03:05.101 --> 00:03:07.520 and we're always innovating and evolving everything, 00:03:07.520 --> 00:03:10.190 from hearing from, "I want more protein in my products," 00:03:10.190 --> 00:03:11.691 or "I want less sodium." 00:03:11.691 --> 00:03:15.069 This industry, the consumer asks and we deliver. 00:03:15.069 --> 00:03:17.488 And I think what we'll continue to see being built upon 00:03:17.488 --> 00:03:19.073 is the use of AI. 00:03:19.073 --> 00:03:21.284 I say that as someone who used to be in product development 00:03:21.284 --> 00:03:22.535 and it used to take a couple years 00:03:22.535 --> 00:03:24.162 from an idea on a piece of paper 00:03:24.162 --> 00:03:25.747 to something you'd see on the shelves. 00:03:25.747 --> 00:03:27.707 Now, we're doing that in a fraction of the time. 00:03:27.707 --> 00:03:30.376 And I think that'll be really critical for this industry 00:03:30.376 --> 00:03:32.170 because we're the fabric of people's lives. 00:03:32.170 --> 00:03:34.214 We're therefore the everyday opportunities 00:03:34.214 --> 00:03:35.506 and the most meaningful moments. 00:03:35.506 --> 00:03:36.799 And I think that's so powerful 00:03:36.799 --> 00:03:39.010 and so positive, as we look ahead. 00:03:39.010 --> 00:03:41.679 - So I'm also impressed by the level of innovation 00:03:41.679 --> 00:03:46.351 in the industry and the benefits that households get, 00:03:46.351 --> 00:03:48.645 as a result of the innovation that comes, 00:03:48.645 --> 00:03:53.024 whether it's nutritional benefit, whether it's ease of use, 00:03:53.024 --> 00:03:56.653 or just the amount of time freed up by convenience. 00:03:56.653 --> 00:03:58.238 It's really incredible 00:03:58.238 --> 00:04:00.531 what the industry provides on its best day. 00:04:00.531 --> 00:04:02.075 And that sometimes gets lost 00:04:02.075 --> 00:04:04.077 in a world of tough performance, 00:04:04.077 --> 00:04:07.080 all the great, innovative products that come out 00:04:07.080 --> 00:04:09.540 and the benefits to consumers at the end of the day. 00:04:09.540 --> 00:04:10.375 - Absolutely. 00:04:10.375 --> 00:04:12.293 - Jeff, Melissa, thank you so much for your time. 00:04:12.293 --> 00:04:13.127 - Thank you so much. It's been wonderful. 00:04:13.127 --> 00:04:14.712 - Thanks.