General Mills CEO on Keeping Up With the Dynamic Food Industry

The video features an interview with Jeff Harmening, CEO of General Mills, discussing current food trends, particularly the shift towards simple and plant-based ingredients. It covers strategies for understanding consumer preferences, the impact of e-commerce on food retail, and the role of acquisitions in driving innovation. The discussion also touches on challenges like logistics and trade policies, and the future of the food industry, emphasizing the importance of adapting to changing consumer values and delivery methods.

What is the current hottest trend in the food industry according to Jeff Harmening?

• Complex recipes

• Fast food

• Simple ingredients

• Exotic spices

What is one of the next big trends in food that General Mills is focusing on?

• Gluten-free products

• Plant-based proteins

• Low-carb diets

• Organic dairy

How does General Mills stay ahead of consumer trends?

• By investing in startups

• By hiring celebrity chefs

• By conducting surveys

• By opening new stores

What percentage of food purchases does General Mills predict will still occur in physical stores in five years?

• 100%

• 90%

• 50%

• 70%

Why does General Mills acquire companies like Blue Buffalo?

• To reduce production costs

• To access new growth opportunities

• To diversify into technology

• To eliminate competition

What is a key factor in deciding to acquire a company according to Jeff Harmening?

• Cultural fit

• Size of the company

• Number of employees

• Location

What is one of the biggest challenges the food industry will face in the next five years?

• Decline in organic food demand

• Evolution of food delivery

• Increase in fast food chains

• Shortage of chefs

How has Brexit impacted General Mills?

• Increased tariffs on exports

• Devaluation of the pound affecting costs

• Higher taxes in the UK

• Loss of European customers

What has been a significant change in logistics costs for General Mills?

• Increase in warehouse space

• Reduction in shipping times

• Shortage of trucking capacity

• Decrease in fuel prices

What is the expected inflation rate for General Mills' logistics costs?

• 20%

• 15%

• 5%

• 10%