Kraft to announce new products for 2008-09

NORTHFIELD, Ill. Last week Kraft Foods announced the release of several new food items in its effort to keep afloat in an increasingly competitive snack and grocery market.

Kraft said that it has in the works 80 new products to be launched in the next year. Some of the new products include Cool-Whip in an aerosol can, digestive-health promoting granola bars, macaroni-and-cheese-flavored crackers and single serving deli meats.

Bob Becker, senior vice-president of new products for Kraft Foods North America, said, “We are spending much more time and focus on reinventing our iconic brands.”

A leader in the lower-calorie snack race and convenient beverage creations, Kraft said it will focus its energies on developing more convenient meals, healthy foods, premium items and snacks.

Kraft last year boosted its sales an impressive 8.4 percent to $37.24 billion. However net earnings fell 15.4 percent to $2.59 billion. The company says the loss was the result of higher commodity costs and increased spending on things like developing products, marketing and restructuring. Kraft will report its earnings for the first quarter on Wednesday, April 30.