Bountiful choice

To appeal to diverse consumer tastes, manufacturers are expanding product portfolios to offer a broader variety of flavor, functionality and packaging. Brands are reinvigorating traditional categories, such as peanut butter or ketchup, with “out of the box” innovation.

“Traditionally when we would talk about innovation and market segmentation, we would think about products for female, products for the grandparents, products for the kids,” Ms. Moreno Torres said. “But now more than ever we are seeing a lot of diversification in the portfolio.”