英文_高盛_美洲饮料_截至5月17日的NielsenIQ数据-非酒精饮料销售增长因价格趋软而连续放缓_32页_1mb

Americas Beverages NielsenIQ Sales Summary (2025-05-27)

Overall Non-Alcoholic Beverage Performance

• Total Sales Growth: +3.4% YoY (2-week period), decelerating from prior periods.
  • $ Sales: Driven by pricing increases (+2.7% YoY) and stable volume (+0.7% YoY).
  • Category Trends: Modest deceleration in sequential growth due to softer pricing, amid stable volume.

Key Categories

1. Soft Drinks

   • $ Sales +3.3% YoY (vs. +3.8% 4-week growth), volume growth stable (+0.7% YoY).
   • Coca-Cola: $ Sales +2.7% YoY (lower than historical averages), volume weakening (-1.8% YoY).
   • PepsiCo: Volume decline (-2.9% YoY), partially offset by pricing increases.

2. Energy Drinks

   • $ Sales +8.3% YoY (strong growth), volume decelerating slightly.
   • Monster Energy (ex-Bang): +9.5% YoY $ Sales, driven by healthy volume growth.
   • Red Bull: Growth decelerated (+1.6% YoY for 2-weeks vs. +5.8%), impacted by weaker volume + stable pricing.
   • Bang Inclusive Analysis: MNST total $ Sales +9.5% YoY, confirming post-acquisition stability.

3. Bottled Water

   • $ Sales +1.7% YoY, pricing growth flat (~-0.1%), volume stable (+1.8% YoY).
   • Private Label Strength: ~+5% YoY $ Sales growth in select brands.

Branding & Market Shifts

• Private Labels/Retailers: Growing share via aggressive pricing and promotions.
• New/Smaller Brands: Energy drink newcomer like Monster Ultra Vice Guava gained ~50 bps $ share in its category, reflecting successful innovation.
• Downward Trend in Energy Drinks: Red Bull facing share loss vs. competitors, signaling weakening brand loyalty/momentum in the segment.

Company-Specific Insights

• KEURIG DR. PEPPER: Strong $ Sales growth (+3.9% YoY 2-week) driven by its CSD segment and pricing increases, though the company's long-term momentum remains cautious due to competition.
• PEP: CSD Volume declined (-3.6% YoY), but pricing offsets losses, with energy drinks showing resilience but facing market pressures.
• KO: Cookier sales soft (+0.7% YoY 2-week), reflecting broader macro influences.

Investment/Market Notes

• Energy drinks show sustained-but-slowing growth amid competition and pricing adjustments.
• Private label gains accelerating, partially eroding control for major brands.
• Supply disruptions or shift in demand toward value could pressure industry P&L despite premium brand strategy.

Summary

US non-alcoholic beverage sales grew at +3.4% YoY in the latest 2-week period, with energy drinks showing resilience despite softening processing in some brands. Pricing gains sustained overall value growth, while volume declines were contained. Watch for private label proliferation and shift to lower-ticket categories.