1、 EQUITIES BEVERAGES FOOD&HPC BEVERAGES/FOOD&HPC Private Label Monitor:The Trade-Down Conundrum;Private Label Market Share Progress Limited in US HPC&Beverages 23 JULY 2025 Sector Research Report Production time:18:35*(London time)Research Analysts&Publishing EntitiesResearch Analysts&Publishing Enti

2、ties Despite persisting concerns re:state of US consumer(cautious pre-quiet commentary,subdued Nielsen trends),notable private label trade-down(surprisingly)has yet to materialize.For 4/12-wks ended 07/12,wtd PL share was little changed across our coverage on average(median flat YoY)but declined for

3、 HPC cos.(-30 bps/-25 bps)vs.flat in non-alc bevs(flat/+5 bps).Some categories(bottled water,wipes,paper towels)are indeed seeing trade-down.However,“value-seeking”behavior among US staples consumers heretofore has been more evidenced by channel(e.g.,share gains for club,mass)and pack sizes(varied p

4、rice points accommodate varied budgets).CLX/KMB remain most exposed.See our PL Expert Call with former WMT Senior Mgr.(LT risk to CPG cos.).HPC:PL Share Decline Contd Through Jul.;Value-Seeking Behavior Evident(Pack/Channel)(i)While CLXs categories were still subdued(down 1%YoY see our Industry Dash

5、board here),PLs share in its categories-30 bps YoY to 20.1%;(ii)KMB remains most exposed(26.9%)given skew to tissue/towels;pace of PLs share declines accelerated(-65 bps/-45 bps);(iii)PG/CHD less exposed(12.8%/9.7%wtd.share);PLs share declined-25 bps/-30 bps YoY in latest 4-wks;(iv)CL least exposed

6、in HPC(6.1%),but PLs share was up modestly(+15 bps/flat).Bevs:PL Less of a Factor,Though Some Signs of Trade-Down;CSDs Still See Little Impact PL is less of a factor in bevs,and PL share was-5 bps/+15 bps to 7.1%,owing to slightly less trade-down in larger categories:bottled water(46%of total non-al