By Shefali Kapadia
Grocery baskets are looking a little emptier these days.
The majority of large food and beverage CPGs reported volume declines as they shared their latest quarterly financial results. Volume sales were down 2% YOY in mid-July across food and beverage, and average basket units were down 4.3% YOY, according to a Circana report.
Large packaged food manufacturers, in particular, are feeling the effects of slumping volumes.
“We’ve heard so far from a bunch of food companies that have reported earnings of … generally greater sluggishness in category volumes as pricing has lapped,” Barclays analyst Andrew Lazar said during Mondelēz International’s July earnings call.
SHEFALI KAPADIA 