General Mills Profit Plunges, Beef Plant Strike Hits Supply

Insurgent brands continue to outpace legacy food companies as industry faces multiple challenges

Mar. 20, 2026 at 8:49pm

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This week's Food Exec Brief covers several major developments in the food and beverage industry, including a steep decline in General Mills' profits, the first U.S. beef slaughterhouse strike in 40 years, and the continued rise of insurgent brands outpacing legacy food companies.

Why it matters

The combination of declining earnings, supply chain disruptions, and the growing threat of insurgent brands highlights the mounting pressures facing established food manufacturers. As capital investment drops and compliance issues rise, the industry is being forced to adapt to rapidly changing market conditions.

The details

General Mills reported a 50% plunge in diluted earnings per share for Q3 FY2026, citing factors like reinvestment, divestitures, inventory resets, and weather disruptions. Meanwhile, 3,800 JBS workers in Greeley, Colorado launched the first U.S. beef slaughterhouse strike in 40 years, impacting 7% of national capacity. The Strait of Hormuz closure is also inflating energy and plastic packaging costs. In the face of these challenges, insurgent brands are continuing to outpace legacy food companies, capturing roughly 36% of FMCG growth in 2025 despite holding under 2% market share.

  • General Mills reported Q3 FY2026 results on March 20, 2026.
  • The JBS worker strike in Greeley, Colorado began on March 16, 2026 and is expected to last two weeks.
  • The Strait of Hormuz closure occurred on February 28, 2026.

The players

General Mills

A major American food company that produces popular brands like Cheerios, Yoplait, and Betty Crocker.

JBS

The world's largest meat processing company, operating a beef slaughterhouse in Greeley, Colorado that handles 7% of national capacity.

Bain & Company

A global management consulting firm that provided data on the growth of insurgent brands in the FMCG industry.

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What’s next

The judge in the JBS worker strike case will decide on Tuesday whether or not to allow the workers to remain on strike.

The takeaway

The food industry is facing a perfect storm of challenges, from declining profits and supply chain disruptions to the rapid growth of insurgent brands. Manufacturers must adapt quickly to these changing market conditions or risk being left behind.