WEBVTT - Welch’s Fruit Snacks Get a MAHA-Friendly Makeover

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. The other day, our

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<v Speaker 1>producer Julia Press pulled me into the studio with a

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<v Speaker 1>sweeter than usual assignment.

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<v Speaker 2>I have treats brought back from my tour of the

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<v Speaker 2>Welchi's Fruit Snacks factory. I brought two types of fruit

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<v Speaker 2>snacks for you to try. This old type that they're

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<v Speaker 2>phasing out and the new type that they're rolling out.

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<v Speaker 2>And there's one key difference. The old type included a

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<v Speaker 2>little bit of artificial dyes added in for color. The

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<v Speaker 2>new type only gets their dies from natural sources fruits

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<v Speaker 2>and vegetables.

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<v Speaker 1>This switch has been a long time in the making.

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<v Speaker 1>Welch's has been on a decade long odyssey to swap

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<v Speaker 1>out artificial flavors for natural ones. But it's now something

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<v Speaker 1>the Trump administration wants all companies to do as part

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<v Speaker 1>of its crusade to quote make America healthy again.

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<v Speaker 2>Okay, dump them out. How did they look to you?

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<v Speaker 2>So they look exactly the same, you think? Okay, let's

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<v Speaker 2>do a side by side comparison. Let's start with raspberry.

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<v Speaker 1>All right, old kind, a little more clear, a little

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<v Speaker 1>more vibrant. New kind, firmer, skinnier, and a little more muted,

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<v Speaker 1>but only slightly.

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<v Speaker 2>They do look pretty much identical.

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<v Speaker 1>They look pretty much identical.

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<v Speaker 2>Okay, let's do a taste test. Close your eyes.

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<v Speaker 1>Number one, I'm really getting taken back to middle school here.

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<v Speaker 3>You look blissed out.

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<v Speaker 1>It tastes so good.

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<v Speaker 4>Okay.

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<v Speaker 1>Number two, spoiler alert, I couldn't tell the difference. Well,

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<v Speaker 1>I just had two delicious fruit snacks that tasted exactly

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<v Speaker 1>the same. Really, if you had to guess, was the

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<v Speaker 1>first one the old kind and the second one the

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<v Speaker 1>new kind?

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<v Speaker 4>No?

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<v Speaker 3>Oh, the opposit.

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<v Speaker 1>Making a near replica of this popular product was time consuming, costly,

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<v Speaker 1>and complicated, and as other companies try to pull this off,

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<v Speaker 1>Welch's case study could reveal a lot about the challenges

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<v Speaker 1>that lie ahead for the American food industry. I'm Sarah Holder,

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<v Speaker 1>and this is the big take from Bloomberg News today.

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<v Speaker 1>On the show, as the Trump Administration's MAHA movement encourages

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<v Speaker 1>more and more food and drink companies to rework their formulas,

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<v Speaker 1>we visit one company that's done it to see what

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<v Speaker 1>it takes. What's the first thing you think of when

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<v Speaker 1>you think of Welch's fruit snacks.

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<v Speaker 4>I think of vending machines like soccer practice, where like

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<v Speaker 4>you're you know, deciding.

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<v Speaker 3>You know, how you're going to spend your two dollars

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<v Speaker 3>and fifty cents that you've scrowned up.

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<v Speaker 1>Yes, they were in my middle school vending machine too.

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<v Speaker 3>Yeah, yeah, and we would.

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<v Speaker 1>Like get them during lunch and kind of like swap

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<v Speaker 1>colors and things like that.

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<v Speaker 3>Yeah, personally avoiding the orange one.

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<v Speaker 1>That's Bloomberg reporter Will Kobzanski. He recently went with our

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<v Speaker 1>producer Julia to tour A. Welch's Fruits next production plant

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<v Speaker 1>in New Jersey because.

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<v Speaker 4>They have begun rolling out products without any synthetic food dies.

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<v Speaker 4>So that's you know, Red forty blue number one, and

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<v Speaker 4>you know, they had just started making this transition on

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<v Speaker 4>its flagship product, the mixed fruit variety.

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<v Speaker 1>Food dyes are in the headlines a lot these days.

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<v Speaker 4>Four years from now, we're going to have most of

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<v Speaker 4>these products off the market, or you will know about

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<v Speaker 4>them when.

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<v Speaker 1>You They've been thrust into the spotlight by Trump's Secretary

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<v Speaker 1>of Health and Human Services, Robert F. Kennedy Junior. We

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<v Speaker 1>have them on the run now and we are going

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<v Speaker 1>to win this battle. That battle he's talking about is

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<v Speaker 1>the war on ultra processed foods, specifically the artificial dyes

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<v Speaker 1>that are often in those ultra processed foods, like petroleum

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<v Speaker 1>based red forty. So far, it's been more of a

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<v Speaker 1>pressure campaign than an all out war. The FDA hasn't

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<v Speaker 1>banned these dies outright, but RFK has encouraged companies to

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<v Speaker 1>drop them by the end of next year.

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<v Speaker 4>There's lots of other things he cares about, seed oils,

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<v Speaker 4>He talks a lot about ultra processed foods. Synthetic dies, though,

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<v Speaker 4>are the area where we've seen the most change, the fastest,

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<v Speaker 4>and the most response from companies that are subject to

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<v Speaker 4>his regulations.

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<v Speaker 1>What does the research say, What kind of health effects

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<v Speaker 1>do synthetic dies and artificial dies actually have on consumers?

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<v Speaker 4>So there's no like slam dunk piece of evidence that

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<v Speaker 4>sort of says one way or the other synthetic food

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<v Speaker 4>dies are really good or really bad. The FDA considers

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<v Speaker 4>them safe, and the FDA has not revoked the regulation

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<v Speaker 4>authorizing the use of synthetic food dies. If you want to,

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<v Speaker 4>you could still put red forty in your product right now.

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<v Speaker 4>There's some state laws you'd have to navigate in the

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<v Speaker 4>late two thousands, there is a UK study that showed

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<v Speaker 4>that there's some association with hyperactivity in children from synthetic dies.

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<v Speaker 4>In twenty ten, the EU said we're going to put

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<v Speaker 4>a warning label on anything that has a synthetic food

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<v Speaker 4>die in it. In twenty eleven, the USFDA did a

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<v Speaker 4>similar review. They said, we don't see any causal effect

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<v Speaker 4>between adverse behaviors and food dies. We don't see the

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<v Speaker 4>need to put a warning label on Although that was

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<v Speaker 4>like a little more closely contested. About a decade later,

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<v Speaker 4>California reviewed the evidence and said, actually, we do think

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<v Speaker 4>there's a link, and that evidence sort of got passed

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<v Speaker 4>along the chain, and a couple of years later, Gavin

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<v Speaker 4>Newsom signed a bill that prohibits the use of synthetic

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<v Speaker 4>food dies in schools. Beginning in twenty twenty eight.

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<v Speaker 1>About a fifth of products on American grocery store shelves

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<v Speaker 1>contain synthetic food dies in twenty twenty. That's according to

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<v Speaker 1>a study published by the Academy of Nutrition and Dietetics

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<v Speaker 1>this year.

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<v Speaker 4>That number's probably gone down since twenty twenty because companies

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<v Speaker 4>have like sort of started to since where the wind

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<v Speaker 4>is blowing and they've been trying to get rid of

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<v Speaker 4>them in their new products. But where they found them

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<v Speaker 4>most often sugary beverages, sugary treats, things often marketed at kids.

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<v Speaker 3>You can do the math right.

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<v Speaker 4>If something looks good, if something looks bright and exciting

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<v Speaker 4>and colorful, you're going to be more likely to want

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<v Speaker 4>to eat it, especially if you're like, you know, a

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<v Speaker 4>six year old at the Walmart with your dad looking

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<v Speaker 4>at the cereal aisle.

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<v Speaker 1>That brings us back to Welches. Since two thousand and one,

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<v Speaker 1>a company called pim Brands has been making these fruit

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<v Speaker 1>snacks and licensing the Welsh name from the juice and

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<v Speaker 1>jelly maker. Historically, the company's formula contains some artificial dyes

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<v Speaker 1>in addition to the natural color that comes from the

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<v Speaker 1>fruit purese inside, but in twenty fifteen it started experimenting

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<v Speaker 1>with reducing its dependency on synthetic dies, and last month

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<v Speaker 1>it announced they'd be fully phased out of all its

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<v Speaker 1>fruit snack products by early twenty twenty six.

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<v Speaker 4>We are outside the pim Brands factory in Somerset, New Jersey,

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<v Speaker 4>where they make Welsish fruit snacks.

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<v Speaker 5>We have nearly a million square feet dedicated to manufacturing, packaging,

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<v Speaker 5>and distributing Welsis fruit snacks, which go across North America.

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<v Speaker 5>Actually from this facility we also saw.

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<v Speaker 1>That's Michael Rosenberg, Pinbrands CEO who showed Will and Julia around.

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<v Speaker 4>It felt closer to like the Model T production line

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<v Speaker 4>than it did Willy Wonka. It's one of these office

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<v Speaker 4>parks that's sort of like you wouldn't know it exists

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<v Speaker 4>unless you had a reason to go to it. And

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<v Speaker 4>you walk into this factory, it just sort of smells

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<v Speaker 4>like warm fruit. It smells like a.

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<v Speaker 3>Fruit snack in here.

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<v Speaker 4>Isn't like a like a pie, like a fruit pie.

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<v Speaker 4>Like I'm trying to figure out what this reminds me of.

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<v Speaker 5>Well, so, because of the number of fruits in our product,

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<v Speaker 5>you don't smell any particular fruit. You just get this

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<v Speaker 5>incredibly fruit smelling aroma.

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<v Speaker 4>Just like a remarkable amount of movement in the factory.

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<v Speaker 4>I found. The fruit snacks themselves are going into the molds,

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<v Speaker 4>they're being shaken out, they're being transported across the factory

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<v Speaker 4>and like a conveyor belt set up. You know, massive

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<v Speaker 4>facility people you know, wearing their safety equipment, fruit snacks

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<v Speaker 4>going on all kinds of conveyor else enough little fruit

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<v Speaker 4>snack elevators and machines doling out packages and pouches. How much,

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<v Speaker 4>generally speaking does it cost to build a facility like this?

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<v Speaker 5>Each production line costs between fifteen and twenty million dollars.

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<v Speaker 5>We have six production lines, and then of course you

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<v Speaker 5>have all the packaging part. So there's a fortune in

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<v Speaker 5>this building.

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<v Speaker 1>The factory can turn out over ten billion pouches of

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<v Speaker 1>fruit snacks a year. Will and Julia sat down with

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<v Speaker 1>the team responsible for Welch's fruit snacks pivot to natural

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<v Speaker 1>dies and they told them it's been a long road.

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<v Speaker 4>So this process, according to them, started in twenty fifteen,

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<v Speaker 4>so a decade ago. They're chief officer of R and D.

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<v Speaker 4>She won noticed the products are made with real fruit.

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<v Speaker 4>So you know, part of the Welchi's fruit snacks, like

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<v Speaker 4>the stick is you know, a strawberry fruit snack is

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<v Speaker 4>made with real strawberry pure So there's already a little

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<v Speaker 4>color from those fruits in there.

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<v Speaker 6>It inheritently comes with some natural color. And we were

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<v Speaker 6>adding so many school amounts, so I was thinking, if

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<v Speaker 6>he can introduce that, why not.

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<v Speaker 1>Bavna Romani that R and D director also noticed that

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<v Speaker 1>synthetic dyes were starting to lose favor internationally, so Bavna

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<v Speaker 1>and her team started tinkering. They took it one color

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<v Speaker 1>at a time. First up yellow, the low hanging fruit,

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<v Speaker 1>so to speak. She said, yellow was easier to swap

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<v Speaker 1>out because there are lots of natural sources of the

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<v Speaker 1>color and enough supply of those substitutes in the market.

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<v Speaker 4>They're replaced some with turmeric and anato, and it was

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<v Speaker 4>a relatively easy switch. Kraft mac and Cheese made a

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<v Speaker 4>very similar switch around that time.

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<v Speaker 1>Nato is a yellow coloring made from a tree seed,

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<v Speaker 1>but other colors were harder to match. Here's Bavna.

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<v Speaker 6>Unfortunately, there was no true replacement for the blue because

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<v Speaker 6>there are not too many blue fruits for vegetable, because

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<v Speaker 6>all natural colors are derived from real fruits and vegetable

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<v Speaker 6>and in reality, if you go to the supermarket, it's

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<v Speaker 6>not too many choices.

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<v Speaker 1>Don't replace that.

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<v Speaker 4>It's not just can we match the exact shade, it's

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<v Speaker 4>can the shade last over time? Is the pH imbalance

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<v Speaker 4>between the dye and the fruit period that's already in there.

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<v Speaker 4>Is that going to make the fruit snack turned brown

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<v Speaker 4>over time.

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<v Speaker 1>For the blue color, they settled on spirillina, a type

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<v Speaker 1>of algae, and a fruit called tueto found in South

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<v Speaker 1>and Central America. Getting a new raspberry gummy to look

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<v Speaker 1>and taste just like the old gummy so that unsuspecting

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<v Speaker 1>eaters like me can't tell the difference took the R

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<v Speaker 1>and D team close to fifty different trials to replace

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<v Speaker 1>red forty. They used ingredients like purple carrot and red grape,

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<v Speaker 1>and once they figured out the right combination of ingredients,

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<v Speaker 1>they had to find a way to make the colors consistent.

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<v Speaker 6>Fruit grow in North America versus South America, it has

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<v Speaker 6>a different taste, different color.

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<v Speaker 4>They needed to find the suppliers natural eyes work with

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<v Speaker 4>the suppliers to make sure that when the food die

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<v Speaker 4>is transported, like it's not getting any adverse impacts from

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<v Speaker 4>temperature changes in the supply chain. They needed to work

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<v Speaker 4>with them to stabilize the acidity of the food dies

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<v Speaker 4>because it was interacting with the fruit that was in

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<v Speaker 4>their fruit snacks, and like, you need to make sure

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<v Speaker 4>it doesn't just turn round in like three months, six months,

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<v Speaker 4>nine months, a year over the course of the full

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<v Speaker 4>shelf life.

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<v Speaker 3>Of the product.

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<v Speaker 4>You have to do R and D, you have to

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<v Speaker 4>find the right people, you need to do the testing.

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<v Speaker 4>Things that cost money, and.

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<v Speaker 1>It comes with risk, not just financial risk, but the

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<v Speaker 1>risk of alienating customers. We get into that and how

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<v Speaker 1>other companies are trying to make similar changes after the break.

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<v Speaker 1>When it comes to swapping out synthetic dyes with natural dyes,

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<v Speaker 1>wel Jess Fruit Snacks was a little earlier to the party,

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<v Speaker 1>but now many other companies are starting to follow suit.

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<v Speaker 1>PepsiCo is the latest company to jump on the Maha bandwagon,

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<v Speaker 1>announcing plans to remove artificial colors and flavors. Craft is

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<v Speaker 1>announcing they will no longer be launching any products that

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<v Speaker 1>have artificial die in the general mills, announcing it will

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<v Speaker 1>remove artificial colors from its US cereals n K through

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<v Speaker 1>twelfth school Foods by next summer.

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<v Speaker 3>A lot of what we've seen so far are commitments

0:12:26.600 --> 0:12:27.160
<v Speaker 3>to do it.

0:12:27.960 --> 0:12:31.440
<v Speaker 1>Let's talk about some of those commitments. How quickly are

0:12:32.000 --> 0:12:33.920
<v Speaker 1>these companies saying that they'll do this.

0:12:34.400 --> 0:12:37.560
<v Speaker 4>So the timeline that most companies have given is by

0:12:37.559 --> 0:12:40.000
<v Speaker 4>the end of twenty twenty seven beginning of twenty twenty eight.

0:12:40.200 --> 0:12:44.000
<v Speaker 4>That's a specific date because beginning on January first, twenty

0:12:44.040 --> 0:12:46.280
<v Speaker 4>twenty eight, if you want to sell your product in

0:12:46.280 --> 0:12:49.560
<v Speaker 4>West Virginia, you can't have synthetic dies in it. There

0:12:49.600 --> 0:12:54.600
<v Speaker 4>are similar laws going into affecting the California schools Texas.

0:12:54.880 --> 0:12:56.480
<v Speaker 4>The feasibility is another question.

0:12:57.600 --> 0:13:01.840
<v Speaker 1>Remember, for Welch's the changeover took a decade. It took

0:13:01.840 --> 0:13:04.280
<v Speaker 1>a full year just to test that the new colors

0:13:04.280 --> 0:13:07.079
<v Speaker 1>wouldn't fade over the course of the product's shelf life.

0:13:07.559 --> 0:13:09.520
<v Speaker 1>But does that mean it will take a decade for

0:13:09.600 --> 0:13:13.839
<v Speaker 1>everyone else to do it too. Maybe not Welches.

0:13:14.320 --> 0:13:16.480
<v Speaker 4>They have a more complex product than like a Scale

0:13:16.640 --> 0:13:19.040
<v Speaker 4>or a Starburst. There's the fruit in there, vitamins and

0:13:19.080 --> 0:13:21.880
<v Speaker 4>minerals and things like that. And also, you know, compared

0:13:21.920 --> 0:13:25.240
<v Speaker 4>to Mars or Hershey or Mandalize or a smaller company. Right,

0:13:25.400 --> 0:13:27.120
<v Speaker 4>no one is explicitly said as much to me, but

0:13:27.240 --> 0:13:30.560
<v Speaker 4>like they don't have the same leverage that you know,

0:13:30.679 --> 0:13:34.280
<v Speaker 4>a massive multinational might have to secure these food dies.

0:13:34.559 --> 0:13:36.120
<v Speaker 4>On the other hand, they've been working on this for

0:13:36.120 --> 0:13:38.199
<v Speaker 4>ten years, they've been thinking about it for a long time.

0:13:38.520 --> 0:13:40.000
<v Speaker 3>The question is matching the shades.

0:13:40.440 --> 0:13:43.120
<v Speaker 4>Customers, you know, when they open a box of Welch's

0:13:43.120 --> 0:13:45.360
<v Speaker 4>fruit snacks or a box of M and ms or

0:13:45.559 --> 0:13:49.400
<v Speaker 4>you know, their cereal. They want to recognize the product

0:13:49.440 --> 0:13:49.880
<v Speaker 4>that they know.

0:13:51.120 --> 0:13:53.400
<v Speaker 1>There's a lot at stake when you start tinkering with

0:13:53.480 --> 0:13:56.920
<v Speaker 1>a classic recipe. General Mills learn that the hard way

0:13:57.080 --> 0:14:00.559
<v Speaker 1>when it tried this with Trick Cereal back in twenty sixteen, and.

0:14:00.520 --> 0:14:02.280
<v Speaker 3>Then the American consumer was appalled.

0:14:02.600 --> 0:14:04.240
<v Speaker 4>The tricks did not look like the tricks that they

0:14:04.240 --> 0:14:07.520
<v Speaker 4>had grown to love, and they very quickly made the switchback.

0:14:07.559 --> 0:14:11.280
<v Speaker 1>Ten years later, the American consumer might be more comfortable

0:14:11.360 --> 0:14:14.240
<v Speaker 1>with this kind of change, and if they aren't already,

0:14:14.640 --> 0:14:16.320
<v Speaker 1>they could just get used to it.

0:14:16.720 --> 0:14:19.240
<v Speaker 4>I talked with someone who runs one of these natural

0:14:19.280 --> 0:14:23.320
<v Speaker 4>eye companies, and something funny he said was Europeans when

0:14:23.320 --> 0:14:27.280
<v Speaker 4>they see that like bright synthetic red forty shade, they're like,

0:14:27.320 --> 0:14:29.600
<v Speaker 4>oh my god, there must be like something wrong with it.

0:14:29.600 --> 0:14:31.600
<v Speaker 4>It looks like it was made in a chemical plant.

0:14:32.120 --> 0:14:35.280
<v Speaker 1>There are other reasons a larger corporation could have an

0:14:35.360 --> 0:14:38.840
<v Speaker 1>easier time than PIM did. Those companies may operate in

0:14:38.920 --> 0:14:41.960
<v Speaker 1>countries where they're already asked to put warning labels on

0:14:42.040 --> 0:14:45.680
<v Speaker 1>duyed products, or were they're not allowed to use synthetic dyes,

0:14:46.000 --> 0:14:49.080
<v Speaker 1>so they may have a head start on the replacement process.

0:14:49.760 --> 0:14:53.120
<v Speaker 1>How much of the motivation of these companies to rework

0:14:53.160 --> 0:14:56.080
<v Speaker 1>these formulas is part of kind of making the current

0:14:56.320 --> 0:15:01.160
<v Speaker 1>administration happy versus these broader globe forces.

0:15:01.800 --> 0:15:06.760
<v Speaker 4>It's a good question putting aside RFK, MAHA and sort

0:15:06.800 --> 0:15:09.160
<v Speaker 4>of the cultural lane it tapped into, Like there are

0:15:09.160 --> 0:15:11.000
<v Speaker 4>people who are interested in this, there are people who

0:15:11.040 --> 0:15:13.800
<v Speaker 4>don't want their kids to consume synthetic dies. What I

0:15:13.800 --> 0:15:16.200
<v Speaker 4>would say is that RFK is making a lot of

0:15:16.240 --> 0:15:20.120
<v Speaker 4>other asks right. There are seed oils, which are you know,

0:15:20.160 --> 0:15:22.920
<v Speaker 4>canola sun flower seed oil, things like that. He wants

0:15:22.920 --> 0:15:26.360
<v Speaker 4>those removed from the food supply. He would like things

0:15:26.360 --> 0:15:28.240
<v Speaker 4>to the effect of limits on how much sugar we

0:15:28.280 --> 0:15:32.560
<v Speaker 4>consume and the ultra process foods we consume. I can't

0:15:32.600 --> 0:15:34.680
<v Speaker 4>read the mind of these CEOs and the folks who

0:15:34.720 --> 0:15:39.120
<v Speaker 4>are doing their public affairs. But objectively changing one or

0:15:39.160 --> 0:15:42.200
<v Speaker 4>two ingredients where there's an existing replacement and in fact

0:15:42.240 --> 0:15:46.040
<v Speaker 4>it's already used internationally feels like a lighter lift than

0:15:46.080 --> 0:15:50.120
<v Speaker 4>making these more fundamental changes to how you fry your product,

0:15:50.320 --> 0:15:52.960
<v Speaker 4>how you consider your product process or ultra process, to

0:15:53.000 --> 0:15:54.360
<v Speaker 4>the amount of sugar in there right.

0:15:54.400 --> 0:15:57.640
<v Speaker 1>Well, that brings us to sort of a broader final question,

0:15:57.960 --> 0:15:59.880
<v Speaker 1>which is that the stated goal of these changes per

0:16:00.040 --> 0:16:04.200
<v Speaker 1>R is to make Americans healthier. Is there a significant

0:16:04.240 --> 0:16:08.160
<v Speaker 1>health benefit here or are these mostly aesthetic changes that

0:16:08.240 --> 0:16:09.600
<v Speaker 1>are easier to achieve.

0:16:10.600 --> 0:16:13.440
<v Speaker 3>It's a question I don't have a complete answer.

0:16:13.520 --> 0:16:16.560
<v Speaker 4>Yeah too, Yeah, there's some discourse on this because RFKS

0:16:16.640 --> 0:16:19.920
<v Speaker 4>took something of a victory lap when Kellogg's cut its.

0:16:19.760 --> 0:16:20.600
<v Speaker 3>Synthetic food dies.

0:16:20.640 --> 0:16:23.000
<v Speaker 4>Anytime a company cuts its synthetic food dies, he'll put

0:16:23.000 --> 0:16:25.520
<v Speaker 4>out a tweet and he'll say it's a MAHA win.

0:16:25.640 --> 0:16:27.440
<v Speaker 3>And the Kellogg's wone got picked up and.

0:16:27.400 --> 0:16:31.600
<v Speaker 4>It kind of sparked this broader conversation about you know,

0:16:31.680 --> 0:16:33.360
<v Speaker 4>if you're eating the French fries but they're made with

0:16:33.400 --> 0:16:35.680
<v Speaker 4>beef tallow instead of being friend to seed oil, and

0:16:35.720 --> 0:16:37.720
<v Speaker 4>you're having the fruit loop still and they're still full

0:16:37.720 --> 0:16:40.200
<v Speaker 4>of sugar, but like they don't have the red forty

0:16:40.200 --> 0:16:42.920
<v Speaker 4>in them, the question sort of becomes like how much

0:16:42.920 --> 0:16:44.800
<v Speaker 4>of an impact is this happening versus like how much

0:16:44.840 --> 0:16:46.840
<v Speaker 4>does this just sort of Maha being able to take

0:16:46.880 --> 0:16:50.880
<v Speaker 4>the win. The administration would contend that this is the

0:16:50.880 --> 0:16:53.760
<v Speaker 4>first change of many to come. They want to fundamentally

0:16:54.080 --> 0:16:55.880
<v Speaker 4>change the way we eat in this country. They're going

0:16:55.920 --> 0:16:58.120
<v Speaker 4>to try and make some pretty big changes to the

0:16:58.120 --> 0:17:00.160
<v Speaker 4>dietary guidelines that are coming out later this summer. Where

0:17:00.720 --> 0:17:05.000
<v Speaker 4>the alternative take is the companies saw an easy place

0:17:05.080 --> 0:17:08.639
<v Speaker 4>to score some points, and we'll see what happens with

0:17:08.680 --> 0:17:09.520
<v Speaker 4>the rest of the changes.

0:17:14.000 --> 0:17:16.879
<v Speaker 1>This is The Big Take from Bloomberg News. I'm Sarah Holder.

0:17:17.200 --> 0:17:19.800
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0:17:33.040 --> 0:17:36.800
<v Speaker 1>Thanks for listening. We'll be back tomorrow.