In the global food market, big-name brands are losing ground to the little guys: Global food conglomerates including Danone, General Mills, Nestlé, Procter & Gamble and Unilever are being out-maneuvered in the industries they dominate thanks to the ever more discerning palate of the consumer. In everything from beer to yogurt smaller firms — boasting more natural, organic, less processed and “crafted” goods — are chipping away at the profits of the big players. Many factors besides changing consumer trends have led to this shift which is taking place in both developed economies and emerging markets. Consolidating factories have left big firms prone to currency fluctuations, according to The Economist. This comes at a time when television advertising is losing firm ground to social media. Barriers to entry faced by smaller companies are falling as they can outsource production while advertising, selling and building a reputable brand online. While some of the giants are responding by cutting costs, others resort to acquiring and backing the upstarts. Conventional wisdom of a bn-USD brand remains the dominant strategy. However, many executives surveyed by consultancy EY feel that this is outmoded and that larger firms must do more to adapt to a changing market.