1、 2023 Information Resources Inc.(IRI).Confidential and proprietary.February 16,20232022 CPGGrowth Leaders2 2Executive SummaryGrowth Leaders ResultsU.S.CPG omnichannel sales grew 8.4%in 2022,accelerating from 2021s growth of 4.6%Growth in 2022 was driven entirely by price/mix(10.0%),while continuing
2、to ease back to COVID-19-era volume growth(-1.5%).However,aggregate CPG volume remains elevated over a three-year horizon(2.7%CAGR,2019-2022).Large CPGs:Constellation(9.7%)tops the list of large company growth,followed by Reckitt,LOral,Bimbo and Mars.All 10 leaders drove meaningful price/mix growth.
3、The top three leaders drove meaningful volume with growth-oriented execution,capitalizing on market disruptions.Mid-Size CPGs:Upfield led the list with 30.9%sales growth from significant portfolio-wide pricing.Complementing price/mix growth,volume was up 4%among the top 15 Growth Leaders,with six of
4、 15 driving 5%volume growth.Small CPGs:Newly launched Prime Hydration led small CPGs,taking 1pp share within the sports drink category.All Small Growth Leaders delivered double-digit sales growth and 11 of 15 drove double-digit volume growth as well.Growth Leaders in 2022 won by delivering pricing-l
5、ed growth,while maintaining demand as consumers faced increased economic and inflationary pressures,and consumption patterns continued to stabilize in a post-COVID-19 new normal.Capabilities:Pricing,in the form of promotional strategies and accelerating impact from digital/social go-to-market capabi
6、lities,were key execution levers for CPG Growth Leaders.Consumer Trends:Self-care and discretionary indulgence were consumer trends in 2022,reflecting recovery of key consumer activities post-COVID-19.Pet care,nutrition,protein(including plant-based)and energy trends sustained COVID-19 momentum.Movi
7、ng forward,there are four key priorities for driving CPG growth in 2023 and beyond:forward-looking revenue management,precision demand science to unlock underlying pockets of consumption growth,opportunistic deployment of capital and sustained operational efficiency rigor.311th Annual Report First t
8、o compare public and private CPG company performance 550+CPG manufacturers with$100MMsales in CPG retail channels1Three distinct sets of top CPG winning companies:Top 10 large:$6B sales(N=28 companies)Top 15 midsize:$1$6B sales(N=89)Top 15 small:$100MM$1B sales(N=472)Disaggregation of the companies
9、underlying performance2022 Growth LeadersWhich CPG companies are winning in the U.S.and why?1.Based on omnichannel,including grocery,mass,club,convenience,drug,dollar and pure-play e-commerce channels.Source:IRI&BCG Analysis.4 4We Use a Composite Growth Index to Understand Who Is WinningSource:IRI&B
10、CG Analysis.Dollar Sales%ChangeGrowth contribution due to distribution versus productivityVolume Sales%ChangeGrowth due to volume vs.pricing and price increases analyzed by true price vs.mix shift Dollar Share Point ChangePercent portfolio gaining,holding and losing share and category dynamics(e.g.,
11、category trends,portfolio concentration)54.6%14.0%201920203.1%20218.4%2022Price/MixVolumeDollars2.5%2022 U.S.CPG Sales Grew 8.4%vs.YA,Driven by High Inflation and Resilient VolumeNote:Omnichannel includes grocery,mass,club,convenience,drug,dollar and pure-play e-commerce channels.Source:IRI&BCG Anal
12、ysis.0.6%3.7%10.0%5.0%-0.4%10.0%-1.5%2.7%CAGRAt-home CPG volume is down vs.2021,but remains elevated vs.pre-COVID-19 levelsIncreasing shelf prices are fueled by sustained elevated inflation and ongoing lower levels of promotionIn-store traffic isincreasingCPG Omnichannel Sales Growth/%Change vs.YA6C
13、PG Volumes Remain Fairly Resilient Even as Prices Rise in Aggregate2022 Quarter CPG Volume Trends Among Rising Inflation/OmnichannelCategory and Manufacturer TrendsNote:Price/mix is dollar-weighted price per volume%change vs.YA across categories.Nonedible excludes tobacco.Source:IRI POS and Panel da
14、ta ending 1/1/23,Omnichannel.IRI&BCG Analysis.9.210.612.011.87.18.69.810.4-2.0-1.8-2.0Q4Q1-1.2Q2Q36.47.99.910.44.11.0-0.3-2.310.89.19.57.9Q4Q3Q1Q2Food&BeverageNonedible CPG14%18%20%22%9%7%6%7%14%16%19%20%15%17%15%15%Price/MixVolume2022%Chg.vs.YA2022%Chg.vs.2019Price/MixDollarsVolume72017-2019CAGR 20
15、22%Chg.vs.YA3.0%8.4%6.1%11.8%7.4%11.4%4.1%10.8%2.1%6.0%1.2%7.3%44.643.841.941.440.918.518.418.217.917.510.911.011.511.912.19.59.911.512.212.516.516.917.016.617.0200202021+0.1+1.6+0.5-0.2-1.9$Share ppt.chg.vs.YA 2018-19+0.4+0.3+0.1-0.1-0.8Private LabelExtra Small($100M)Medium($1B)Large($6B
16、)-0.4+0.7+0.4-0.3-0.5Small CPGs Continue to Drive Growth,While Large Players and Private Label Are Strong in a High Inflation Environment%Share of CPG$Sales by Manufacturer Size/Total U.S.OmnichannelCategory and Manufacturer Trends+0.4+0.3+0.2-0.5-0.-222019-20PandemicTypical Pre-Pandemic
17、 PatternHigh InflationRising InflationNote:Large is$6B+in L52W,Medium$1-6B,Small$100M-1B and Extra Small$100M.Omnichannel includes grocery,mass,club,convenience,drug,dollar and pure-play e-commerce channels.Source:IRI data.IRI&BCG Analysis.Leading price/mix levers among largecompaniesSmall winners s
18、how small gainsPrivate label reverts over 2020 and 2021 declines,mostly in well-developed areas8Large CompaniesMid-Size CompaniesSmall Companies2345678952022 RankingsReturning and New Companies in the Top RankingsNote:Extra Small=$100M,Small=$6B.IRI data f
19、or Omnichannel,including Grocery,Mass,Club,Convenience,Drug,Dollar and pure-play e-commerce channels.Source:IRI&BCG Analysis.New to List vs.2021New to List vs.2012212021 Growth Leader9Large Companies#1 Growth CategoryBrand 1 (Contr.$M)Brand 2 (Contr.$M)Brand 3 (Contr.$M)Top 3 Sales*Combined Contribu
20、tion%Top 3 GrowthCombined Contribution%Beer/Ale/Alcoholic Cider+689+69+4986%102%Upper Respiratory+410+390+8345%138%Skin Care+354+139+12338%66%Fresh Bread&Rolls+261+194+16240%51%Pet Food+543+252+16923%40%Processed Poultry-Fz/Rfg+478+414+32175%82%Pet Food+423+370+20643%53%Carbonated Beverages+1427+452
21、+20156%79%Pet Food+1709+523+36839%59%Energy Drinks+363+65+3573%86%Large Companies 2022 Growth Leaders Performance vs.YATop Three Brands Drove Significant Growth for Most LeadersNote:Top 3 based on largest growth contribution/Source:IRI data for multi-outlet and convenience(MULO+C).MULO+C includes Gr
22、ocery,Mass,Club,Convenience,Drug,Dollar and E-Commerce Pickup&Delivery channels.IRI&BCG Analysis.New to List vs.2019New to List vs.201219Contributed more than fair share(1.2x+)to growth6789101234510Digital and Social-Led Brand Development Pricing Into Inelastic DemandConsumer Trend AlignmentGrowth L
23、eaders took double-digit pricing,especially in F&B where demand remains elevated to pass through inflation/supply costs.Amidst pricing,select winners drove volume gains,prioritizing growth-oriented execution and capitalizing on market disruptions and COVID-19 recovery.Both new and existing brands ac
24、ross categories leveraged digital marketing and retail channels to unlock scale growth.Self-care,indulgence(social and nostalgic),energy/nutrition)and pet care were key portfolio trends amongst Growth Leaders.2022 Growth Leader Performance DriversSource:IRI&BCG Analysis.11Pricing|Large Growth Leader
25、s Saw Modest Volume Loss,While Substantially Accelerating Pricing Action Significantly vs.the Prior YearNote:Large is$6B+;Excludes tobacco and categories$100M Source:IRI POS Data MULO;IRI&BCG Analysis5Rfgd DoughFrozen MeatBaby FoodFrozen SnacksSnacksBreakfastFrozen MealsDairySports/Energy
26、 BevCandyCSDsMealsRfgd MeatsEthnicCookies/CrackersCoffee&TeaBakingBakeryWater%Price/Mix Growth 22 vs.21Large Leaders Took Double-Digit Pricing in Key Scale F&B CategoriesVol20205.420222021Price/Mix5.3VolPrice/Mix96.116.3100.8111.70.7Accelerating Aggregate Price/Mix Growth 3x vs.Prior Year,While Mana
27、ging to Mitigate Volume Loss12Pricing|Overall,Mid-Size CPGs Are Able to Unlock Volume Growth Alongside Price/Mix,While Larger CPG Growth Is Substantially Price-Driven30%30%-20%0%-30%-10%10%20%40%0%10%20%40%50%-10%Price/Mix%Volume Change20%40%20%0%10%30%-30%-20%-10%0%10%30%40%-10%50%Price/Mix%Volume
28、ChangeAvg Price/Mix:16%Avg Vol:(3%)Avg Price/Mix:15%Avg Vol:4%Large Growth Leaders Top 40 BrandsMid-Size Growth Leaders Top 40 BrandsNote:Large is$6B+;Excludes tobacco and categories$100MM+retail sales Leveraged digital/social momentum to rapidly scale share of voice and distribution via national br
29、ick and mortar retail presence in mass,grocery and specialty nutrition(e.g.,GNC)in the U.S.and strategic partnerships/sponsorships(e.g.,UFC,Nascar)Nearly 20-year-old skincare brand positioned as accessible dermatologist-developed portfolio of solutions to address common skin conditions While the bra
30、nd is readily available in drug stores,dermatologists were historically a critical entry point for brand trial/awareness YouTube/TikTok influencer skincare tutorials have been a critical accelerator to introduce the brand to Gen Z consumers and drive brand sales up 3x to more than$1B in the U.S.sinc
31、e 2019 The brand actively harnessed initial momentum from social reviews(e.g.,Hyram Yarbro),building an authentic social media voice that resonated with Gen Z,while reinforcing core brand attributes,including accessibility and derm-approved credentials15PLANT-BASED DAIRY ALTERNATIVESSELF-CAREPETCons
32、umer Trends|Winning Manufacturers Tap Into Evolving Demand Trends and Consumption BehaviorsSource:IRI&BCG Analysis.PROTEIN/DAIRY PERIMETERENERGY AND PERFORMANCEINDULGENCE AND REWARDFunctional and Hard EnergyPerformance and NutritionComfort and NostalgiaSocial Indulgence16Consumer Trends|Accelerating
33、 Underlying Consumption Growth Across Key Categories and Brands1.Price/Mix for pet categories across 2022-Large growth leaders shown.Source:American Veterinary Medial Association,IRI&BCG AnalysisPET|Elevated Consumption and Sustained PremiumizationENERGY|Functional Innovation and Accelerating Growth
34、 38%45%25%29%20162022DogsCatsUnderlying Consumption Growth Fueled by Increased Pet Ownership Through COVID-19 and manufacturers players taking sustained,accelerating price/mix.3%11%7%9%23%202202022YoY Price/Mix1U.S.HH Pet Ownershipwhile expanding portfolios and premium growth exposure via
35、 M&AExample 2022 M&A ActivityExpansion of functional ingredients including nootropics,adaptogens0.170.170.180.00.10.2100050150$/oz20182020(Billion Oz)20228395111VolumePricing($/Oz)Energy Drink Growth 2018-2022(MULO+C)Gen Z-oriented brand innovation with new flavors and business modelsAcceleration of
36、 performance oriented energy both physical and mentalEnergy Drink Category Expanding Supply-Led Offerings and Occasions17Looking Ahead:Priorities to Win in 2023 and BeyondSource:IRI&BCG Analysis.Ready Your Next Generation Revenue Management Playbook Build forward-looking analytics(including AI)to de
37、-average pricing actions Build win-win strategies that account for mounting retailer economic pressures,including potential PL response Shift to holistic deployment of revenue management levers integrated recommendations across price,promo,assortment and packUnlock New Pockets of Demand Leverage dem
38、and science to pinpoint attractive pockets of category growth and existing portfolio relevance/fit with post-COVID-19 needs Develop digital/social-native marketing capabilities to activate younger cohorts who engage in fundamentally new channels and waysStep-Change Operational Effectiveness Deploy a
39、ctive supplier management systems to build flexibility via increased direct cost control and predictive demand forecasting Reset people strategy to accelerate workforce effectiveness amidst new business realities and sustain talent shortagesStay Opportunistic Actively manage portfolio as macroeconom
40、ic conditions evolve,and find new ways to deploy cashflow against growth via M&A investment/divestiture18IRI Thought Leadership Delivers Insightful and Provocative InsightsC-Suite Conversation Series18 conversations recorded to date with transcripts,video and audio content.Demand Index Inflation Tra
41、cker E-Commerce Demand Index Supply Index Channel Shift Index Promotions IndexCPG Economic IndicatorsThe latest data on category trends,out-of-stocks,demand and supply,inflation,consumer sentiment and more.Industry-Leading Reports45+thought leadership reports published to date,reshaping how our clie
42、nt executives perceive us.WebinarsBlogsPodcasts19 2023 Information Resources Inc.(IRI).Confidential and Users Get New Thought Leadership from IRIs Research,Data and Analytics Experts20 2023 Information Resources Inc.(IRI).Confidential and proprietary.21*LOral appears in mid-sized players prior to 20
43、22,*Constellation Brands appears in mid-sized players prior to 2017.*Monster appears in mid-sized players prior to 2017.Note:Extra Small=$100M,Small=$6B.Source:IRI MULO+C,including Grocery,Mass,Club,Convenience,Drug,Dollar and E-Commerce Pickup&Delivery channels.IRI&BCG Analysis.Large Winning Compan
44、ies Switch Positions,But Several Players Are Frequently in the Top 0002020212022#of timeson listLorillardReynolds AmericanReynolds AmericanGrupo Bimbo10*LorillardMondelez IntlUnileverDanoneGeneral MillsReckitt3Anheuser Busch InBevMondelez IntlPepsiCoAltria GrpTyson F
45、oodsTyson FoodsMondelez Intl6*Coca ColaCampbell SoupBimboDr Pepper Snapple GrpKeurig Dr PepperGeneral MillsConagra BrandsUnileverGrupo Bimbo2Altria GrpUnileverDr Pepper Snapple GrpTyson FoodsGeneral MillsReckitt7UnileverCampbell SoupCoca-ColaKimberly-ClarkReynolds AmericanConagra BrandsReckittTyson
46、Foods5NestlePepsiCoCoca-ColaPepsiCoBimboDanoneMondelez IntlKeurig Dr PepperGeneral Mills4BimboPepsiCoImperial BrandsPepsiCoCoca Cola2Kimberly-ClarkCoca-ColaLorillardMondelez IntlUnileverKelloggsTyson FoodsNestleNestle3Campbell Soup Kimberly-ClarkReynolds AmericanAltriaCoca-ColaBimboDanoneKeurig Dr P
47、epper8*L A R G E22*Upfield,Barilla America&Daisy Brand appear in small-sized players prior to 2022.Note:Extra Small=$100M,Small=$6B.Source:IRI MULO+C,including Grocery,Mass,Club,C
48、onvenience,Drug,Dollar and E-Commerce Pickup&Delivery channels.IRI&BCG Analysis.Many Mid-Size Players Are Also Consistently in the Top20000212022#of timeson listKeurig Green MountainKeurig Green MountainMead Johnson NutritionGlaxo Smith KlineThe Wonderful Co.Juul Lab
49、sVPX/BangMark Anthony BrandsUpfield2*Keurig Green MountainCargillJuul LabsAdvanced Fresh Concepts Sovos Brands1McKee FoodsEnergizerBlue Diamond GrowersMark Anthony BrandsBoston BeerBoston BeerBeiersdorf Inc1SteriliteLink SnacksEgglands Best PostBoston BeerSwedish MatchLancaster Colony7WhiteWaveSteri
50、lite Schwan FoodGoya FoodsLink SnacksFerrara Candy 1SteriliteLand OLakesDanoneEnergizerDriscoll StrawberryOcean Spray CranberriesTaylor FarmsBarilla America2*Bic The Wonderful Co.AbbottCJ Foods(Schwan)Swedish MatchCJ Foods2Link SnacksLand OLakesSchwan Food Co.Swedish MatchLand OLakesMckee Foods2Link
51、 SnacksWH GroupLand OLakesBlue Diamond GrowersBlue Diamond GrowersFerrero USAPharmaviteEnergizerSazerac Co1MerckSanofiScandinavian TobaccoFoster FarmsBlue Diamond GrowersDriscoll Strawberry6*Snyders LanceBicWhiteWaveSargentoScandinavianTobaccoPostDriscoll StrawberryThe Wonderful Co.Cargill Inc1Spect
52、rumWhiteWaveBicJohnsonvilleRank GroupPinnacle FoodsFlowers FoodsRank GroupH P HoodThe Simply Good FoodsThe Simply Good Foods2BayerPfizerGlaxo SmithKlineEnergizerFlowers FoodsEgglands Best2Carlyle GroupTysonPostWH GroupAbbottGlaxo SmithKlineH P HoodKochVPX/BangTillamook County1SargentoSargentoHain Ce
53、lestialWhiteWaveSanofi AventisSargentoLindtDole Foods CoJohnsonville SausageH P HoodJBS1M I D-S I Z E234567895234567895234567895234567895234567891
54、023456789523Note:Extra Small=$100M,Small=$6B.Source:IRI MULO+C,including Grocery,Mass,Club,Convenience,Drug,Dollar and E-Commerce Pickup&Delivery channels.IRI&BCG Analysis.20000212022#of timeson listTalking Rain Bev CoKind Quest NutritionPax Lab
55、s(Juul)VPX/BangNjoyVi Jon LabsAlani NutritionPrime Hydration1Paris PresentsSkinny PopEden CreameryHarrysImpossible Foods Ghost Bvrg1Handi FoilTalking Rain Bev CoKindFairlife Bragg Live FoodsBeyond MeatGoli NutritionScrub Daddy1Gryphon InvestorsOld World IndeosBai BrandsBai BrandsBragg Live FoodsLamb
56、 WestonBaker MillsSPD Swiss Precision DiagnosticsCelsiusImpossible Foods2Vogue INTLTalentiJasper Wyman&SonUpfieldCelsius2YoCrunchMaterneSchreiber FoodsCountry Creek FarmsCalifia FarmsGlobal Water TechKT&GDots Homestyle PretzelsNatrolLifeway Foods1All MarketAll MarketNoosa YoghurtHandi FoilGlobal Wat
57、er Tech11Panera BreadKind Old TrapperHandi Foil Corp Hfa Barilla AmericaMilos Tea3Shurtape TechNjoyMaterneAll MarketPete and GerrysNatrolSun BumFoundation Consumer HealthcareAlani Nutrition2National Fish&SeafoodAqua StarAdvanced BeautyFairlifeCore NaturalSovos Brands RaosLamb WestonNatrolNatrol4Roll
58、Philips ElectronicsParis PresentsFoundation Consumer HealthcareOld TrapperIl Conte ImpBlack Rifle Coffee1Advanced Beauty Sys.Completely Fresh FoodsPalermo VillaThe Fishin CoPDC BrandsSwiss Precision DiagnosticsFoundation Consumer HealthcareRaw Sugar LivingMilos TeaLamb Weston4Applegate FarmsMobil Co
59、rpReady Pac FoodsQuestNutritionAmerican InternationalFairlife6Clif BarMobil CorpApplegate FarmsAdv.Fresh ConceptsReady PacHisamitsu Pharm.Milos TeaLamb WestonHudsonville1Kens FoodsAtkins NutritionalsAqua StarIcelandic Milk&Skyr Corp.GlanbiaNunes Co.PisaSPD Swiss1Few Small Companies Have Consistently LedS M A L L2345678952345678952345678952345678952345678951112131415