Big Food is in big trouble. For over a century, brands such as Kellogg’s cereal, Campbell’s soup and Aunt Jemima pancake mix filled pantries of American households that wanted safe, affordable and convenient food and provided companies with reliable revenue growth. Today, these giants are struggling with competition that is corroding business from both ends. High-end consumers are shifting toward fresher items with fewer processed ingredients while cost-conscious shoppers are buying inexpensive store brands. The pressure has set off soul searching in the industry as well as some dramatic restructuring. From Kraft Heinz to Nestlé, we explain how the plight of the packaged-goods companies is a classic business tale.