Conagra Brands Inc
CAG:US US2058871029
Key Information
HQ:
United States
Market Cap:
$14.12bn
Primary Market:
North America
Protein Diversification Engagement
Analysis Overview
Climate Strategy - Integration of Protein Diversification Climate Strategy - Governance and Influence Climate Strategy - Adoption of Just Transition Product Portfolio - Resource Allocation Consumer Education - Consistency of Marketing Strategies
Analysis Breakdown
Climate Strategy - Integration of Protein Diversification
Low
Quantify Potential/Opportunity
Low
TCFD-aligned scenario analysis
Conagra Brands has completed TCDF-aligned scenario analysis, that covers its entire portfolio of directly procured ingredients, including animal proteins. The company's assessment models a 1.6-2ºC scenario. The findings from the scenario analysis are used to inform the company's Responsible Sourcing Priority list, with each ingredient having a specific responsible sourcing strategy. The company also recognises the climate mitigation and financial opportunity associated with protein diversification.
Full
Reporting of Scope 3 emissions from animal agriculture
The company's Scope 3 emissions from purchased goods and services primarily stem from ingredients, constituting 87% of the total. Within this category, emissions are distributed as follows: 70% from farming activities, 20% from land use changes, and 10% from processing. However, it has not reported a full breakdown of its Scope 3 emissions derived from animal agriculture, including a breakdown by protein type.
No Evidence
1.5C aligned SBTi Scope 3 FLAG target
Conagra Brands set a 2C SBTi approved Scope 3 target, to reduce the emissions from purchased goods and services by 20% per metric ton of material sources by 2030, from a FY2020 base year. There is no evidence that the company plans to update this target.
No Evidence
Quantifying the opportunity of protein diversification
Conagra Brands recognises that encouraging a greater consumption of plant-based foods is a key facet of the FAO sustainable diets definition. The company highlights that a significant proportion of its ingredients by volume are plant-based, and its plant-based brand Gardein has generated more than $160 million in retail sales in FY2023. To reach more customers and generate more demand in this space the company continues to innovate new products. The company has not quantified the climate and/or financial opportunity presented by transitioning its portfolio away from animal proteins.
Limited
Protein Diversification Strategy
DNF
Integrating protein diversification into climate transition plans
The company has not disclosed a time-bound target to diversify its protein portfolio. The company does, however, have a protein diversification strategy that feeds into its climate strategy. The company is focused on the R&D of new plant-based products and the acquisition of existing brands to grow its offering and support its efforts towards its Scope 3 target.
Limited
Protein diversification target is timebound
The company does not have a protein diversification target.
No Evidence
Business coverage of protein diversification target
There is no evidence for this KPI.
No Evidence
Alignment of target with climate and health guidelines
There is no evidence for this KPI.
No Evidence
Measuring Progress
Good
Disclosing progress against protein diversification target
The company reports that in fiscal year 2023, plant-based offerings constituted 81% of all ingredients by volume that it procured.
Limited
Annual reporting of progress of protein diversification target
In fiscal year 2022, plant-based offerings comprised 68% of all ingredients by volume, whereas in fiscal year 2023, this figure increased to 81%.
Full
Climate Strategy - Governance and Influence
Partial
Board Oversight
Partial
Board support for protein diversification
The company's board and the Nominating and Corporate Governance Committee oversee climate-related matters and strategy, encompassing its strategy for diversifying protein sources. However, it has not mentioned a protein diversification target and it is unclear if the company's board has regular oversight of progress towards a protein diversification target.
Limited
Climate expertise of board
Multiple members of the company's board have expertise in sustainability.
Full
Nutrition/health expertise of board
None of the company's board members have expertise on nutrition/health.
No Evidence
Advocacy
Low
Disclosing a list of direct lobbying actions
Conagra Brands engages in lobbying activities at the federal level and is required to disclose its lobbying activities and expenditures to relevant authorities. The company is also a member of several trade associations, subject to management oversight, to stay informed about industry issues and participate in shaping public policy. Also, it discloses the amount of dues allocated to lobbying by each trade association annually.
Limited
Direct lobbying in line with climate and nutrition
The company discloses that it is involved in lobbying activities. However, there is no evidence of their alignment with positive climate and nutrition outcomes.
No Evidence
Disclosing a list of indirect lobbying actions
The company discloses a list of the trade associations it comprises.
Full
Indirect lobbying in line with climate and nutrition
There is no evidence for this KPI.
No Evidence
Climate Strategy - Adoption of Just Transition
DNF
Just Transition Commitments
DNF
Public commitment to Just Transition principles
Conagra Brands has not committed to decarbonising its business in line with the principles of a Just Transition.
No Evidence
Commitment to support workers
The company has not committed to retraining, reskilling, or compensating workers affected by Just Transition in animal agriculture.
No Evidence
Commitment to support stakeholders
The company provides support to its farmers in transitioning towards regenerative practices. However, it is unclear the extent to which these initiatives support animal agricultural supply chain stakeholders' transition towards more sustainable practices.
No Evidence
Just Transition Strategy
DNF
Public Just Transition strategy
The company has outlined its regenerative farming practices. However, it has not developed a Just Transition strategy, that covers animal agriculture.
No Evidence
Consulting social actors in Just Transition strategy development
There is no evidence for this KPI.
No Evidence
Just Transition KPI
DNF
Disclosing Just Transition KPIs
There is no evidence for this KPI.
No Evidence
Reporting against Just Transition KPIs annually
There is no evidence for this KPI.
No Evidence
Product Portfolio - Resource Allocation
Partial
Portfolio Diversification
Partial
Dedicating resources to expanding alternative protein offering
Conagra Brands introduced new products at the Natural Products Expo West 2024, set to launch in May. Gardein is rolling out Ultimate Plant-Based Meatballs and F'sh®, catering to vegan and flexitarian diets, along with Chick'n Fried Rice Bowls. Additionally, Purple Carrot revealed two single-serve bowls, emphasizing tasty plant-based meals in response to increasing demand, particularly within the frozen single-serve meal segment. Additionally, the company has established its own Plant-based Centre of Excellence made up of scientists and culinary professionals to encourage plant-based innovation.
Full
Annual evidence of resource allocation
There is no evidence for this KPI.
No Evidence
Improving Nutrition and Sustainability Attributes
Low
Dedicating resources to improve the nutrition and sustainability of products
Conagra discloses approximately 70% of its meatless options are rated A or B by Nutri-score. It is unclear how the company is working to improve the sustainability of its plant-based products.
Limited
Reformulating products to improve nutrition
In 2023, Conagra embarked on a new initiative to reduce sodium by an average of 15% in over 200 consumer products including brands such as Marie Callenders, Birds Eye and Orville Redenbacher's. These brands all sell plant-based products.
Limited
Reformulating products to improve sustainability
There is no evidence for this KPI.
No Evidence
Consumer Education - Consistency of Marketing Strategies
DNF
Commitment Across Geographies/Brands
DNF
Commitment to marketing alternative protein sources
There is no evidence for this KPI.
No Evidence
Business coverage of marketing commitment
There is no evidence for this KPI.
No Evidence
Nutrition and Sustainabilty
Low
Promoting the nutritional attributes of alternative protein sources
The company provides nutrition ratings via Nutri-Score on its plant-based brand. The products are rated on a scale of A to E based on their nutrition content. Under its Gardein brand, the company uses smart labels to signal the health benefits of its products. However, aside from this, there is limited evidence of the company proactively running campaigns to discuss the nutrition/health attributes of plant-based products.
Limited
Promoting the sustainability attributes of alternative protein sources
There is no evidence for this KPI.
No Evidence
Consumer Research
DNF
Conducting consumer research on alternative protein sources
The company has stated that in response to the increasing consumer interest in plant-based foods, it has broadened its range of plant-based alternatives. However, there is no evidence of it conducting its consumer research itself or through a third party.
No Evidence
Conducting consumer research on healthy diets
The company acknowledges the increasing consumer preference for foods that support health and wellness goals. However, there is no evidence that the company uses consumer research related to healthy diets to inform its marketing strategy for alternative protein sources.
No Evidence
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Workstream Information
Business Type:
Manufacturer
Company Feedback Given:
Yes
Last Updated:
8 July 2024
2024 Resources
Protein Diversification Phase 1 Progress Report Protein Diversification Engagement