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With cereal sales taking a dive over the last three years, according to Nielsen, and younger consumers, in particular, gravitating toward healthy, organic snacks or fresh fruits and vegetables, CPG giants are looking for ways to innovate and enter new product categories. They're doing so by investing in emerging food brands that cater to the Whole Foods crowd.
General Mills is setting its sights on kale chips and meat substitutes by way of 301 INC, its venture fund that backs emerging food brands.