Food and beverage giant Kraft Heinz (NASDAQ:KHC) has unveiled a new microwave platform, 360CRISP, which heats up food in a stovelike way, creating crispy and crunchy snacks.
The company has introduced 360CRISP with the launch of Lunchables Grilled Cheesies and plans to bring five new products to the market across four of its brands by the end of next year.
Lunchables Grilled Cheesies mark Kraft Heinz’s first foray into the frozen food category, offering a snack option for kids that can be prepared directly in the microwave.
Importantly, the company is looking to drive growth across its North American verticals and is aiming for $2 billion in incremental sales by 2027. Kids’ snacking is a key driver in the frozen food category, and Kraft Heinz is now rolling out Lunchables Grilled Cheesies to select retailers in the U.S. this month. Interestingly, the product could potentially become the catalyst that helps the firm gain a footing in the U.S. school lunch market.
Overall, the Street has a consensus price target of $41.77 on Kraft Heinz, alongside a Moderate Buy consensus rating. Shares of the company have dropped nearly 17.5% for the year so far.
Read full Disclosure