1、USA|FoodEquity ResearchSeptember 17,2025 ScottMarks*|Equity Analyst+1(212)778-8007|NatashaBaker*|Equity Associate+1(212)778-8278|RichardThompson*|Equity Associate+1(212)778-8918|U.S.Food-Private Label Tracker:PL Continuesto Gain in Dog FoodPrivate label took share and grew volumes in 48%/41%of the 7

2、5 food categorieswe track in the L4W period.Dog Food(+233 bps),gravy(+230 bps),and peanutbutter(+208 bps)were among the categories with the largest private labelvolume share gains.SJM,UTZ and POST saw the highest category-weightedaverage private label volume penetration of companies analyzed in the

3、L4W.Dog food,gravy and peanut butter seeing largest private label share gains y/y.Private label tookshare in 48%of our 75 tracked categories y/y,and in 53%of categories experienced share gainaccelerations L4W vs L12W.Total category volumes increased in 26 of 75 categories(35%),whileprivate label vol

4、umes increased in 31 of 75 categories(41%).Dog Food(+233 bps),gravy(+230bps),peanut butter(+208 bps),meat alternatives(+191 bps),and breakfast syrups(+162 bps)wereamong the categories with the largest private label volume share gains.Snack Mixes(down 344bps),extracts(down 324 bps),hot cereal(down 25

5、6 bps),tomatoes(down 248 bps),and buns(down 237 bps)were among the categories posting the most private label share losses y/y.SJM,UTZ,POST seeing higher private label volume share gains.In the L4W period ending Sept6th,private label volume penetration increased in U.S.tracked channels on a y/y categ

6、ory-weightedaverage basis for SJM(+122 bps),UTZ(+62 bps),POST(+52 bps),and CPB(+45 bps).SJM sawprivate label take share in 5 of its top 6 categories:dog food(+233 bps),peanut butter(+208 bps),coffee(+161 bps),cat food(+68 bps)and sandwiches(+12 bps).UTZ saw private label take sharein 4 of its 5 top