European Food & HPC: US scanner shows weak volume performance

研报英文原文证据摘录

European Food & HPC: US scanner shows weak volume performance

23 June 2026

European Food & HPC

European Food & HPC: US scanner shows weak volume

performance

Callum Elliott, CFA, ACA Today's report is based on updated US scanner data, for the four-week period ending 13th

+44 20 7676 7183 June 2026.

callum.elliott@bernsteinsg.com

Key highlights: In the latest four-week period, CPG market momentum softened

Victoria Nice, CFA sequentially, with growth slowing across most categories as volume trends weakened. Food

+44 20 7762 5862

victoria.nice@bernsteinsg.com market value growth eased to +3.2% from +4.9%, reflecting a sharp slowdown in volume

to +0.1% from +1.9%, while price/mix provided modest support. Beauty & Personal Care

Henry Dennis remained the strongest category, though growth moderated to +5.3% from +6.8%, with

+44 20 7676 6776 continued volume softness and weaker pricing. Household also slowed, with value growth

henry.dennis@bernsteinsg.com

edging down to +2.6% from +3.5% as both volume and price/mix decelerated. Consumer

Health deteriorated further, declining to -1.2% from +0.5%, driven by a sharper drop in Simran Cheema

+44 20 7676 6705 volumes.

simran.cheema@bernsteinsg.com

At the company level, performance trends were mixed but generally weaker. L’Oréal

continued to deliver double-digit growth, though this eased to +10.1%, reflecting slower

volume and price/mix, while Nestlé softened to +2.2% as volumes returned to decline.

Unilever improved to +1.4% on stronger price/mix despite volume declines, while Danone

slowed to +2.3% and Haleon to +1.1% amid weaker volume momentum. Elsewhere,

Reckitt remained under pressure at -5.3% with continued share losses, Henkel eased

to +2.4%, and Beiersdorf improved modestly to +2.3%. Lindt edged up to +4.7%,