General Mills is pinning its hopes on a premium product boosting its cereal sales: a fruit cereal that costs a whopping $13 a box.
The Golden Valley company launched Morning Summit cereal late last night, but it has been making headlines this week since it was mentioned during a conference call with investors on Tuesday.
It comes after 2019 saw the years-long downturn in the cereal market come to an end, with sales remaining flat, according to CNBC. Now, food giants are looking to turn that into an upswing.
"We’re innovating in new product forms that command premium price points, including our new Morning Summit product, which has almonds as the first ingredient and sells for $13 a box," Harmening said.
$13 for a box of cereal? Many struggle to justify spending $4 for a box given the speed at which it disappears.
But General Mills is banking on Morning Summit attracting health-conscious customers. (Wealthy, too, we imagine.)
At 38.5 oz per box, it's significantly weightier than most breakfast cereals, with the primary ingredient being almonds.
The almonds are joined by cereal flakes made with whole grains (providing 1/3 of daily recommended amount), dried cherries, dried cranberries, and pumpkin seeds.
Given General Mills has been responsible for some of the most popular breakfast cereals in history, you wouldn't bet against them making a success of Morning Summit.
But given the price is the same as a gourmet burger at many a Twin Cities restaurant, it's set itself quite the challenge.