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MINNEAPOLIS — Nearly half of the $1.4 trillion that U.S. consumers spend on food and beverages each year is for food eaten away from home and with the recent improvement in consumer confidence, the share of spending on food away from home is on the rise.
As a result, the convenience channel represents a significant business opportunity for the General Mills Convenience & Foodservice operating segment, the company reported during a recent investors meeting about its growth plans in fiscal 2016. C-stores represent the company's largest snack food channel, and away-from-home snacking is a key growth area.
"We have a great lineup of new grab-and-go snacks coming this year, including Nature Valley Simple Nut Bars made with whole nuts and seeds, and a new Sweet and Spicy Chili and Dark Chocolate granola bar," stated Bethany Quam, vice president of General Mills and president of the Convenience & Foodservice segment.
The company also plans to expand the line of Pillsbury mini baked goods that it launched in 7-Eleven stores last year.
General Mills Convenience & Foodservice, which serves the convenience, foodservice and bakery industries, had a record performance year in fiscal 2015, increasing segment operating profit by 15 percent, according to the company. In the past decade, profit has increased by more than 150 percent as it prioritized product lines and customer channels.