With Kraft Heinz Co. reportedly considering a breakup of its business, some analysts believe more of its food-industry peers should do the same.

Kraft Heinz Co. is reportedly exploring a significant corporate restructuring, potentially splitting into two entities: a grocery division and a Taste Elevation segment.

Kraft Heinz Co. is preparing to break itself up, people familiar with the matter said, as the US food company looks to combat shifting consumer sentiment and reverse a sagging share price.