Market value of Kraft Heinz, down by three-fifths since the 2015 merger of Kraft and Heinz by Warren Buffett and 3G Capital. It is now said to be exploring a break-up.

Expected decline in operating profit for Kraft Heinz this year. The dismal situation at the company, which owns brands from Oscar Mayer to Jell-O, is partly the result of a decade of mismanagement, including some overly enthusiastic cost-cutting. But it also shows the shifting fortunes of big food more generally.

Weighted average decline in share prices of 12 American packaged-food companies in the S&P 500 index over the past year. After proving surprisingly resilient through the post-pandemic surge in inflation, sales are flagging. Competition from upstart brands and regulators’ wariness of ultra-processed foods are starting to pose a threat just as shoppers are tightening their belts.

Americans affected by food subsidy elimination under Trump’s Big Beautiful Bill, contributing to a decline in consumer spending on packaged foods.

Estimated share of American adults who took weight-loss drugs in 2023, double the proportion from two years earlier, contributing to reduced demand for junk food.

Shareholder gain after the breakup of Kellogg’s into WK Kellogg and Kellanova, suggesting that Kraft Heinz’s potential split could also unlock value.