Danone: BARC Consumer Health Conference Feedback

研报英文原文证据摘录

Danone: BARC Consumer Health Conference Feedback

Barclays | Danone

broadens from sports performance into satiety, weight management, energy and muscle

preservation. Oikos shakes are also doing well in the US shelf-stable space, helped by a

proposition combining high protein with probiotic fibre. The next phase of the protein market

should favour companies that can move beyond grams of protein and towards better

nutritional functionality. Danone looks well positioned here, provided it can resolve capacity

constraints and scale the platform faster. That said we think Danone needs to demonstrate

better growth in the US as it is still lagging the likes of Chobani by a big margin.

6. Fibre and hydration broaden the health platform

Fibre is becoming a more important part of Danone’s health positioning. Carla noted that most

consumers are still not consuming enough fibre, while Danone has been using fibre in

nutritional engines for many years, including in Nutricia tube feeds since 1998. The company is

now speaking about fibre more actively as consumer awareness improves, particularly through

products such as Activia Fibre and Oikos formats that combine high protein and probiotic fibre.

This does not take away from protein, but rather, Danone see this as another important shift

towards a more holistic view on health from consumers. Hydration is another area with greater

optionality than investors may assume. Danone sees hydration not simply as water

consumption but as linked to absorption, performance, mental health and healthy ageing. The

waters portfolio gives Danone a sizeable platform, while brands such as Mizone already show

the potential for more functional propositions using electrolytes and broader hydration science.

7. Infant formula still has scientific runway