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1、USA|FoodEquity ResearchAugust 20,2025 ScottMarks*|Equity Analyst+1(212)778-8007|NatashaBaker*|Equity Associate+1(212)778-8278|U.S.Food-Private Label Tracker:PL ShareGains EasePrivate label took share and grew volumes in 44%/40%of the 75 food categorieswe track in the L4W period.Gravy(+264 bps),cake(

2、+244 bps),and dog food(+234 bps)were among the categories with the largest private label volumeshare gains.SJM,UTZ,and CPB saw the highest category-weighted averageprivate label volume penetration of companies analyzed.Gravy,cake and dog food seeing largest private label share gains y/y.Private labe

3、l took share in44%of our 75 tracked categories y/y,and in 48%of categories experienced share gain accelerationsL4W vs L12W.Total category volumes increased in 26 of 75 categories(35%),while private labelvolumes increased in 30 of 75 categories(40%).Gravy(+264 bps),cake(+244 bps),dog food(+234bps),cu

4、pcakes(+215 bps),and soup(+180 bps)were amongst categories with the largest privatelabel volume share gains.Health/Nutrition Powder(down 555 bps),hot cereal(down 261 bps),mustard(down 261 bps),extracts(down 238 bps),and other sweet snacks(down 224 bps)wereamongst categories posting the most private

5、label share losses y/y.SJM,UTZ,CPB seeing higher private label volume penetration.In the L4W period ending Aug9th,private label volume penetration increased in U.S.tracked channels on a y/y category-weightedaverage basis for SJM(+75 bps),UTZ(+74 bps),CPB(+38 bps),and POST(+27 bps).SJM sawprivate lab

6、el take share in 4 of its top 6 categories:dog food(+166 bps),sandwiches(+87 bps),peanut butter(+56 bps),and cat food(+42 bps).UTZ saw private label take share in 3 of its top5 categories,dips(+98 bps),potato chips(+22 bps),and tortilla chips(+5 bps).CPB saw privatelabel take share in 4 of its top 7