Aaron Back
speaker
67 appearances
1 recordings
1 series
first heard Aug 2025
last heard Aug 2025
Aaron Back’s voice in public audio — every appearance, attributed to the second.
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Appearances
So
Part of what we're seeing is just a return to normal in the sense that consumers are, again, thinking, well, what's healthy for me?
But you have some new trends layered on top of that.
One is GLP drugs.
The other is what you just mentioned, which is this sort of Make America Healthy Again movement, which is putting political pressure on these companies to reduce certain additives like artificial flavors, artificial colors.
corn syrup, et cetera.
Ultimately, they have the ability to adapt to that.
But when that is happening at the same time as these other pressures, including tariffs, including inflation, including a generally weak consumer environment, including GLP-1 drugs, which you have is just a confluence of challenges on the sector.
And the companies may not have the resources to address all those simultaneously in this environment.
I'm not that optimistic in the near term.
One example, Kraft Heinz says they're seeing 5% to 7% inflation, but they're only passing along 1% price increases to customers.
They're eating the rest.
That's because they feel they have no choice because if they raise prices, consumers will walk away or they'll go to private label brands or what have you.
And the tariff impact is only beginning to be felt and is very real.
So for the next couple quarters, I'm quite pessimistic.
Now, long term, it may be possible for some companies to shed underperforming businesses, focus on promising growth areas.
There will be some winners that emerge.
At the end of the day, people need to eat.
And so ultimately, it's not as if these companies are just going to keep shrinking.
People need to eat.
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