Consumer Staples: Shelf Signals

Research evidence excerpt

Consumer Staples: Shelf Signals

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Consumer Staples

Shelf Signals

Industry Overview

U.S. Nielsen Monitor: Food & Beverage trends thru 7/11 22 July 2026

Utilizing U.S. Nielsen data, we track company and category demand, volume, and pricing High Grade Credit

trends across the IG Food & Beverage universe. This includes insights into sequential United States

changes (m/m), elasticity dynamics, and changes in underlying consumer demand. For Consumer Staples

the 4-wks ended 7/11/26, Packaged Food sales grew +3.1% y/y (+110bps m/m). In

Beverages, non-alcoholic varieties show strongest growth, soda grew +3.3% y/y, while Table of Contents

traditional spirits, hard seltzer and flavored malt beverages lag. Food - Company trends 2

Food: Confectionery leading, Center aisle lagging Center Aisle Food 3

Confectionery 5

Exhibit 2: Company Leaders & Laggards (%) – Food w/e 7/11/2026, sorted by $ ∆ m/m

Confectionery leading via carryover pricing while Center Aisle lags on volume declines Protein 6

Food – Category trends 8

Rank Ticker Dol ∆ m/m Vol ∆ m/m Private Label 9

Food

Staples 9

1 HSY 5.6 3.6 -6.7 0.7

2 MKC -0.1 1.5 -3.7 0.3 Snacking 12

3 SFD 1.4 1.4 0.8 2.0 Confectionery 12

11 FLO -3.7 0.1 -9.1 -0.2 Pet Food 13

12 SJM 3.2 -1.0 -1.1 0.5 Beverages - Company trends 15

13 JBS 15.4 -5.8 18.1 -11.1

Beer 16

Source: NielsenIQ

BofA GLOBAL RESEARCH Soft Beverages 17

Confectionery remains a key area of strength, benefiting from recovering volumes and Beverages - Category trends 18

pricing trends, led by chocolate candy (+7.8% y/y). Protein continues to grow but saw Soft Beverages 19

some m/m deceleration (volume-led). Center-store categories show mixed sequential Beer & Seltzers 20

trends but continue to lag on an absolute y/y dollar-sales basis (see Exhibit 18). Spirits 22