Goldman Sachs Americas Food: NielsenIQ Data Through 8/8 — Food Sales Slow, Volumes Stay Weak
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Goldman Sachs' weekly NielsenIQ tracker for Americas food (data through August 8, 2026) shows growth driven by pricing while volumes remain weak. Total food sales rose +0.7% (R4) and +1.4% (R12) year over year; the latest R4 total food EQ units fell -2.1%, with private label (-1.4%) outperforming branded (-2.3%). Among covered companies, OFRM led recent sales growth, followed by HSY and MDLZ.
L52 total food retail sales were $952,777MM (branded $701,296MM; private label $251,481MM), with grocery the largest department at $442,139MM. Produce (EQ +5.1%) and meat (+3.0%) led volumes; dairy sales fell -1.4% (private label -7.5%), the weakest department. Yogurt (+10.2%) and fruit snacks (+10.1%) topped R4 category growth; private label strength centered on snacks and baking—fruit snacks +20.1%, baking mixes +12.3%. Dough/batters led EQ growth (+11.6%, branded +15.1%), followed by meal replacements (+8.0%), both brand-driven.
CAG and GIS accelerated on higher distribution and faster velocity, with MDLZ slightly accelerating; HSY, KHC, HRL, OFRM, SFD and TSN decelerated on slower velocity and/or distribution losses. Hershey's US chocolate share stands at 40% of dollars and 41% of EQ. This is a data tracker with no ratings, targets or forecasts.