【Jefferies-2025研报】美国食品 家庭个人护理行业尼尔森数据：截至5月17日的4周.pdf

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USA|FoodHPCMay27,2025

USFood/HPCNielsen:4Weeksto17thMay

USNielsenslatestdatashowsabroad-basedslowdownacrosscategories

withmoderatedpricing.BNCreamerremainsindouble-digitdecline,and

growthmoderatesinyogurt.HEN3laundryslowsdownwithadecline

involume.WecontinuetoanticipatemodestgrowthintheUSandare

generallybelowconsensus,withsignsthattheconsumercontinuestoseek

bettervalue.

Danone(mild-ve)growthdeceleratesto-1.8%inMay(prior4w0.6%).Creamersdecline

improvesmarginallyto-12%vs-13%inApril,losing320bpsmarketshare.RTDcoffeegrowth

slowsto1%vs4%inprior4w.Yogurtslowsdownto4%,allpricedriven.Plant-basedremains

indecline.at-6%.

TheresahighcorrelationbetweenNielsenandDanone-reportedgrowthinNORAMEDP(23%

ofturnover).

Reckitt(neutral)isdown-1%vs.-2%intheprior4w.Respiratorydeclinesby6%vs.5%decline

inApril.Painreliefimprovesto+1%vs-3%inprior4w.VMSremainsatLSDdecline.Hygiene

declinewasmuted,withvolumeimprovementinLaundryandAirFreshener.Nutritionimproves

furtherto2%growthwitha70bpsmarketshareloss.

WeshowthatthisdatacorrelatesquitestronglywithreportedNorthAmericangrowth,notably

sincemid-22.

Haleon(neutral)growthis-0.5%(prior4w0.7%).TheslowdownismainlydrivenbyOral.

Respiratorygrowthdeclinesby2%vs-3inApril.Toothpastegrew5%vs9%inApril.VMS

declined1%vsflatinApril.Painreliefremainsatasmalldecline.

Henkel(mild-ve)growthis-0.9%vs2.7%inprior4wduetoslowergrowthinlaundry(-3.5%vs

+