Warren Buffett touted the chance to bring “iconic brands together” in 2015 when he backed the creation of Kraft Heinz Co. The plans to split up many of those brands a decade later represent a rare flop for the famed investor.

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

The Heinz ketchup and Oscar Mayer hot dogs featured at barbecues this summer are owned by the same company. Next summer, that might not be the case.