European Food & HPC: US scanner volume performance remains weak

Research evidence excerpt

European Food & HPC: US scanner volume performance remains weak

24 July 2026

European Food & HPC

European Food & HPC: US scanner volume performance remains

weak

Callum Elliott, CFA, ACA Today's report is based on updated US scanner data, for the four-week period ending 11th

+44 20 7676 7183 July 2026.

callum.elliott@bernsteinsg.com

Key highlights: In the latest four-week period, CPG market momentum was mixed, with

Victoria Nice, CFA improving trends in Food and Consumer Health offset by weaker performance in Beauty

+44 20 7762 5862

victoria.nice@bernsteinsg.com & Personal Care and Household. Food market growth strengthened, with value growth

accelerating to +3.8% from +3.4%, supported by an improvement in volume growth, while

Henry Dennis pricing eased slightly. Beauty & Personal Care remained the fastest-growing category,

+44 20 7676 6776 although growth slowed to +4.8% from +5.9% as volume turned negative and pricing

henry.dennis@bernsteinsg.com

decelerated. Household experienced a pronounced slowdown, with value growth easing

to +1.6% from +3.1% driven by weaker volumes, despite stronger pricing. Consumer Simran Cheema

+44 20 7676 6705 Health, meanwhile, improved to flat growth from a decline of -0.6%, reflecting a less severe

simran.cheema@bernsteinsg.com contraction in volume, though pricing momentum softened.

At the company level, performance trends were mixed. Nestlé strengthened to +3.7%,

driven by a strong recovery in volume growth, while Haleon accelerated to +4.0% on

improved volume and pricing momentum. Lindt also delivered stronger results, with value

growth rising to +8.7% as volumes returned to growth. In contrast, L'Oréal's growth

slowed sharply to +4.1%, reflecting a significant deceleration in volumes against a tougher