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E31: Snack Attack — The U.S. Migration to a Healthier Diet

Research @ Citi Podcast  •  Podcast  •  April 23, 2025
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In this episode, we turn our attention to the U.S. food industry, which is grappling with changing consumer habits, the impact of GLP-1 drugs, the “Make America Healthy Again” campaign — and, yes, tariffs. Join host Lucy Baldwin and food products & producers analyst Thomas Palmer as they discuss how the industry has evolved since the pandemic, which trends are driving current buying habits, which companies are faring better or worse, and what M&A prospects look like in the coming year.  

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Lucy Baldwin is a Managing Director and Global Head of Citi Research. She is responsible for managing Citi's global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse, she was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector. She graduated from the University of Birmingham in Economics. Lucy serves as a member of Council for the University of Birmingham and sits on the Investment Sub-committee. Additionally, she is a member of the Advisory Council for the Mossavar-Rahmani Centre for Business and Government at the Harvard Kennedy School.

 

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Tom Palmer, CFA, is a Senior Analyst with Citi Research covering the Food Producers space. Prior to joining Citi in November 2023, Tom spent nine years at J.P. Morgan covering the Food Producers and Food Retail sectors. Tom began his career in institutional sales at Roth Capital. Tom holds a Master’s of Business Administration degree with Distinction from the Johnson Graduate School of Management at Cornell University and a Bachelor of Arts degree in Math and Economics from Lafayette College. He is a CFA Charterholder.

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