Campbell Soup looks to premium products for growth after its successful Rao's acquisition

Now Rao's, which still sources the sauce from a local Italian family, is on its way to becoming the fourth $1 billion brand within the company's portfolio, joining the likes of Goldfish, Pepperidge Farm, and Campbell's Soup.

Even though the brand's canned sauces cost upwards of $8, they're still "a fraction" of the cost of dining out, Clouse pointed out. Rao's is now launching at premium supermarkets with flavors like truffle and balsamic that range from $12 to $14.99. The company is pondering, "How would you create the Rao's for the Hispanic world or the Asian world?" per Clouse. While Campbell's has no acquisition in sight, it's open to opportunities in the future.

"I want to strike the right balance because we do love soup ... it is foundational to us as a company and it's a critical business and we are not taking our eye off that ball. But I do think it's fair to say that today our portfolio is different. We've got a lot of different innovators," Clouse told Yahoo Finance.

Soup itself is projected to be flat in long-term sales growth. Spillane said the numbers aren't worrying.

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