Pioneer Foods (PFG) – Carbo Switching

We think the 1H18 volume recovery in PFG’s LLFJ is encouraging for the juice brands’ strength. Rhodes juices, however, will cap upside for PFG in the category. We evaluate how value for money dynamics in bread and maize may be encouraging a consumption shift towards the latter. Our research is complemented by insights from a former industry executive, touching on PFG’s performance and strategy.