Mondelēz International, a global powerhouse in biscuits, chocolate, snack bars and cakes, is tailoring its playbook market by market. At the CAGNY (Consumer Analyst Group of New York) conference Tuesday, CEO Dirk Van de Put detailed distinct strategies for North America, Europe and emerging markets like China, India, Brazil and Mexico.
Core snacking categories are growing 1.4 times faster than other food, he said, highlighting Mondelēz’ dominance with 17% of the $128 billion biscuits market, 12.4% of the $147 billion chocolate market, 8.6% of the $20 billion snack bar market and 3.9% of the $100 billion cakes and pastries market.
“About 40% of our 2025 revenues came from high-growth emerging markets growing at a [compound annual growth rate] of 13.4% over the last five years. At the same time, our developed markets, primarily in Europe and North America, delivered a strong 5% revenue growth CAGR over the last five years,” Van de Put said.
The snack food giant is targeting 3% to 5% long-term organic revenue growth, he said, but Mondelēz is taking different approaches between North America, Europe and emerging markets.
North America turnaround plans
Flat grocery basket sizes and price unease in North America is driving Mondelēz to address “anxious and frugal” consumers, Van de Put said.
“Many consumers are uneasy with the current average price levels of snacks,” he said. “US wage increases are being outpaced by total snack inflation. To meet consumers’ desire for more affordability, we will significantly expand offerings at the right price points.”
It plans to achieve these price points in part through single-serve variety and club packs found at warehouse retailers, he said.
The company also plans to strengthen its line of premium snacks, Van de Put said. He explained that Mondelēz already has invested in promoting an East Coast favorite, Tate’s Bake Shop cookies, marketing the portfolio across the nation.
Mondelēz also is scaling its premium versions of its core Oreo products, he said, adding that consumers are increasingly choosing premium indulgence options.
“For example, premium indulgence cookies are growing 2.4% in an overall flat total cookie category,” he said. “To benefit from this trend, we are increasing our investments and ambition for our premium brands and ranges.”
Mondelēz also is focusing on health and wellness with the launch of Oreo Zero Sugar and scaling of Oreo Gluten-Free, Good Thins crackers, as well as protein bars under the Perfect Bar, Builders and Z Bar brands, he said.
“Growth in these segments continues to outpace the broader biscuits and bars categories,” he said. “Our protein-rich range is already showing healthy double-digit growth.”
The food giant also is modernizing and expanding its supply chain capabilities in a multi-year improvement plan that is expected to start showing benefits for Mondelēz in 2027, Van de Put said.
The cacao crisis and Mondelēz in Europe
The chaotic cocoa market has wreaked havoc for Mondelēz companywide, but the volatility posed the biggest risk for the company’s business in Europe, where chocolate – anchored by its Milka and Cadbury brands – accounts for roughly half of its sales.
Mondelēz maintains a whopping 20% of the total European snacks market and reported net revenue of $15 billion from the market in 2025, Van de Put said,
The cocoa crisis, which led to price increases and pack resizing at Mondelēz, revealed several vulnerabilities for the company, according to Van de Put.
The company is vulnerable to pricing tactics among companies less dependent on cocoa, elevated volume declines in select markets and a failing strategy regarding modified package sizes and price points, he said.
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“To overcome these challenges, we have identified five key strategic actions, hitting the right price points and increasing connection to our brands, broadening our offerings across chocolate segments, scaling up our premium chocolate, increasing presence in under-indexed channels and strengthening resilience across our cocoa supply chain,” he said.
Strengthening resilience in the cocoa supply chain will in part entail reducing cocoa in its products through new formats that prioritize nougat, caramel and fruit-filled tablets, he said.
Mondelēz also is investing in alternative technologies including self-cultured and fermented cocoa, as well as plant-based alternatives as a “strategic insurance policy,” Van de Put explained.
The cocoa insurance policy also includes improved crop forecasting and expanding sourcing of cocoa to Latin America.
“We are also partnering with suppliers to help transition to large scale farming, while enhancing processing practices and technologies to get more cocoa out of a single bean,” he said.
Mondelēz’ emerging markets growth engine
Mondelēz’ most promising markets lie outside of Europe and the United States, where the food manufacturer has seen its $15 billion business grow 13.4% over the last five years, said Luca Zaramella, chief financial officer at Mondelēz.
Its top four emerging markets by scale are China, Brazil, India and Mexico; China generates about $2 billion in annual revenue, followed by Brazil at $1.8 billion and India at $1.7 billion, while the company does not disclose a specific figure for Mexico.
Mondelēz is building a strong presence in the next wave of emerging growth markets, including Southeast Asia, Sub-Saharan Africa, the Western Andean Region and Central America, Zaramella said.
Oreo holds about an 18% value or volume share of the total biscuit category in China – not just one sub‑segment – making it the highest country‑level biscuit share Oreo has anywhere in the world.
The company’s three initiatives to lead volume growth in China include expanding availability in stores, winning digital commerce and scaling its cakes and pastries business.
“There is a meaningful runway as we currently cover 3 million stores with an addressable universe of 6 million,” he said, adding that Mondelēz plans to add 60,000 stores per year.
In India, Mondelēz products are available in 4.5 million stores, and like China the country has “tremendous runway and favorable demographics,” Zaramella said.
“Our plans to drive continued growth in India center around expanding reach of our route to market, scaling our biscuit business through premium leadership, including Oreo and Biscoff, and recruiting new consumers and occasions with continuing innovation led by chocolate, but also in biscuits and cakes and pastries,” he said.
He added that the company’s growth in emerging markets will follow the same strategy with substantial brand investments that highlight the product’s cultural relevance, key consumption occasions and strong growth track record.
“Whether it is China, India, Brazil or Mexico, the outcomes of our strategic initiatives should be consistent, driving deeper and digitized distribution in traditional and modern trade, increasing brand penetration to establish or further consolidate leadership positions, innovating around new consumer occasions and building out multi-category scale,” he said.
