1、North America Equity Research19 August 2025J P M O R G A NFood Producers&RetailersKen Goldman AC(1-212)622-Brandon Cohen(1-212)622-Elsa H Evans(1-212)622-J.P.Morgan Securities LLCEarlier today,we published our Quick Take note on NielsenIQ data.Here,we expand the analyses with The Category Chartbook,

2、a monthly note that illustrates key metrics(market shares,promo levels,etc.)for every major category within US food-at-home.If reading this note in email format,please click the link under Chart of the Month for access to every chart within.Figure 1:Private label continues to take significant share

3、within bacon,with almost all major players losing share Y/Y-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%10/29/2212/03/2201/07/2302/11/2303/18/2304/22/2305/27/2307/01/2308/05/2309/09/2310/14/2311/18/2312/23/2301/27/2403/02/2404/06/2405/11/2406/15/2407/20/2408/24/2409/28/2411/02/2412/07/2401/11/2502/15/2503/22/

4、2504/26/2505/31/2507/05/2508/09/25Bacon$Share(13W Y-Y)KHCHRLPLSmithfieldTSNSource:NielsenIQ.Note:Certain companies referenced in this note are covered by our fellow JPM equity research analysts,including Andrea Teixeira(US beverages and household products),Celine Pannuti(Europe staples),Lucas Ferrei

5、ra(Latin America staples),and Ami Yoshida(Japan food/beverages/tobacco).See page 56 for analyst certification and important disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of i

6、nterest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.US Food Producers The Category ChartbookDetailed NielsenIQ Trends for Every Major Food-at-Home Category2Ken GoldmanAC(1-212)622-North America Equ