Intense Competition and Market Share Erosion: The consumer packaged goods industry is highly competitive, facing pressure from larger rivals, private labels, and emerging brands, which could erode Conagra's market share and profitability.

Volatile Input Costs and Inflation: Fluctuations in commodity prices (grains, dairy, proteins), packaging materials, energy, and transportation costs can compress margins if not fully offset by price increases, which consumers may resist.

Shifting Consumer Preferences and Innovation Lag: Failure to adapt quickly to changing consumer tastes, dietary trends, and demand for healthier or more sustainable products could lead to declining sales for existing brands and unsuccessful new product launches.