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Unilever’s

plan to merge its food business with spice maker McCormick

is the latest move in a sector that’s fighting to stay relevant as the growth model that has powered big consumer products companies for decades is eroding.

As the post-pandemic pricing supercycle fades and growth in massive markets like China stalls, the industry’s titans are moving away from the bigger-is-better conglomerate model, and towards what experts call “targeted scale.”