Kraft Heinz (NASDAQ:KHC) is looking to revive the Maxwell House coffee brand by appealing to younger consumers with its new iced latte with foam, its first product launch in nearly a decade.
Once the country’s top coffee brand, Maxwell House has fallen out of favor with consumers who have grown more sophisticated in their coffee habits and adopted espresso machines, French presses and cold brew makers at home.
Even within the instant coffee segment, Maxwell House ranks third, trailing Nestle’s Nescafe and JM Smuckers’ (NYSE:SJM) Folgers in U.S. market share, according to Euromonitor International data.
Maxwell House also faces competition from the likes of Starbucks (NASDAQ:SBUX) and Dunkin’, both of which offer more convenience and variety at a higher price tag than home-brewed coffee.
But with its new Iced Latte with Foam, Maxwell House hopes to bridge that gap and win over new customers. Kraft Heinz touts the instant drink as the first of its kind, requiring just one packet, a cup of cold water and a spoon.
The iced latte with foam is available nationwide at major retailers and on Amazon and comes in three flavors: vanilla, hazelnut and caramel. Each $6.99 package contains six packets, giving each individual iced latte a price of just $1.17.
KHC shares lost 27 cents to $36.28.
