(CNN) – No more soup for the Campbell Company.
Campbell Soup Company, a 155-year-old company, plans to drop the word “soup” from its corporate name and change it to The Campbell’s Company. Consumers are increasingly turning to snacks instead of ready-to-serve soups, and the company has acquired other food lines to attract them.
In addition to its soup line, Campbell now owns snack brands such as Goldfish, Snyder’s of Hanover, Cape Cod and Pepperidge Farm, among others. Campbell also recently purchased Sovos Brands, maker of popular Italian food brands such as Rao’s sauces.
“This subtle but important change maintains the company’s iconic name, reputation and heritage built over 155 years, while better reflecting the breadth of the company’s product portfolio,” Campbell CEO Mark Clouse said in a statement Tuesday. The name change is subject to shareholder approval at the company’s annual meeting in November.
Although soup is a major part of Campbell’s business, it now represents a smaller portion of its sales.
Last year, Campbell’s snack sales grew 13%, while its soups rose 3%.
Traditional food companies such as Campbell’s are trying to grab a bigger share of the snack market, valued at more than $200 billion by market research firm Circana.
According to Circana, nearly half of Americans eat at least three of these snacks a day.
In August, M&M’s maker Mars agreed to buy Kellanova, the owner of Cheez-Its and Pringles, in a deal valued at nearly $29 billion.
“It is a broad, attractive and enduring category that continues to gain importance among consumers,” Kellanova said at the time.
