IRI BCG Growth Leaders

GROWTH LEADERS IN CPG U.S. CPG growth in measured channels accelerated significantly to 10.4% in 2020 (vs. 1.8% Last 3-Year CAGR), driven by COVID-19-related shopping and consumption Executive Summary – shifts. 2020 growth was driven by volume (6.4%) and price / mix (3.7%);volume growth outpaced price Growth Leaders Results for the first time in 10+ years, driven by elevated demand since March across edible and nonedible. Pricing was driven by reduced promotion and accelerated premiumization.

While large and medium growth leaders overlap heavily with prior years, 60% of the small leaderboard While 2020 Growth Leaders is comprised of new entrants. • LARGE: Bimbo (+15.4%) tops the leaderboard, followed by General Mills, Conagra, Mondelez and RB. Key growth categories broadly benefitted from include edible foods (bakery, frozen meals, candy, poultry), beverages (CSD, beer) and home care (cleaners, paper goods). • MEDIUM: Mark Anthony held the #1 position from 2019, driven by continued White Claw brand growth (+$1.1B, +131% vs. 2019). one-time COVID-19 Fourteen of 15 delivered >20% sales growth; category trends held vs. prior year (with accelerated growth), including alcohol, spikes, delivering tobacco and shelf stable F&B. • SMALL: Vi-Jon Labs, producer of Germ-X sanitizer, was the fastest growing, with >450% YoY sales growth (+$310M). Six of the top 15 against sustaining delivered >100% growth; several fueled by COVID-19-related categories (e.g., hand sanitizers, frozen foods, in-home cosmetics). trends will be As CPGs seek to lap strong 2020 growth, we believe a set of levers from 2020 are likely to revert to pre-COVID-19 levels, including rebound of the Convenience channel and away-from-home consumption, demand for variety, right sizing of packs, and increasing critical to COGS inflation pressure. One-time COVID-19 trend spikes include a sharp acceleration in select, previously declining categories during 2020, namely at-home food and beverage; paper products are likely to revert to flat growth. future year Trends that accelerated in 2020 and will sustain post-COVID-19 include: performance. • E-Commerce: COVID-led acceleration in e-commerce adoption and increased investments from retailers • Bifurcation of CPG spend. Increased premiumization via Large CPG innovation & hyper-targeted Small CPGs; Continued development of own/store brands and value brands • Category Demand Shifts: Four key consumer purchase patterns are likely to maintain – self-care and societal-care, at-home indulgence, at- home convenience and taste exploration (both flavor and claims-driven)

Ninth Annual Report First to compare public and private CPG company performance

500+ CPG manufacturers with >$100M sales in measured channels1

Three distinct sets of top CPG winning companies: • Top 10 large: >$6B sales (N = 28 companies) • Top 15 midsize: $1—$6B sales (N = 79) • Top 15 small: $100M—$1B sales (N = 421)

Disaggregation of the companies’ underlying performance

1. MULO+C includes Grocery, Mass, Club, Convenience, Drug. Dollar and. E-Commerce for store Pickup & Delivery from Brick & Mortar stores. © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 3 We Use a Composite Growth Index to Understand Who is Winning

Three Growth Metrics Disaggregation

Dollar Sales % Change 1 Growth contribution due to distribution versus productivity

Volume Sales % Change Growth due to volume versus pricing 2 Price increases analyzed by true price versus mix shift

Percent portfolio gaining, holding and losing share Dollar Share Point Change 3 Category dynamics (e.g., category trends, portfolio concentration)

Source: IRI and BCG analysis © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 4 U.S. CPG Sales Grew 10% in 2020, Up ~5x vs. 2019, Driven by High Volume Growth CPG Sales Growth / % Change vs. YA 4.7x 10.4% Elevated volume demand since March led to the largest Dollars 3.0% 3.0% volume gain in 9 years 2.5% 2.0% 2.2% 1.7% 1.5% 1.4% Reduced promotion 2012 2013 2014 2015 2016 2017 2018 2019 2020 and accelerated Price/Mix premiumization drove 2.9% 1.6% 2.3% 2.4% 0.8% 1.4% 1.9% 2.5% 3.7% price accretion Volume 0.1% 0.1% 0.2% 0.6% 0.7% 0.0% 0.1% -0.3% 6.4%

MULO+C includes Grocery, Mass, Club, Convenience, Drug. and Dollar channels. E-Commerce sales included for store Pickup & Delivery from Brick & Mortar stores. Source: IRI POS Data MULO+C; IRI & BCG Analysis © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 5 Category and Manufacturer Trends Larger CPGs Accelerated Growth Significantly, Large CPGs But Still Ceded Share to Smaller Manufacturers accelerated % Share of CPG Sales by Manufacturer Size / Total U.S. MULO+C growth 2016-19 2020 % Avg chg CAGR chg vs. YA 15x vs. YA $801B 2016-19 $845B vs. YA $933B vs. YA Total 1.8% 10.4% vs. prior years Private Private Label 14.5 0.3 15.7 0.3 16.0 4.5% 11.9% 0.2 Label Despite fast-paced Extra Small ($<100M) 8.1 0.1 8.2 0.0 8.8 0.6 Extra Small 2.1% 18.3% growth from the Large Small ($>100M) 11.6 12.0 segment, Small players 0.2 0.2 12.6 0.5 Small 3.0% 15.4% continued to take Medium ($>1B) 17.9 18.0 0.0 0.1 17.9 -0.2 Medium 1.9% 9.5% share, driven by: Scale brand out-of-stocks in high demand categories Large ($>6B) 47.8 -0.5 46.0 -0.6 44.9 -1.2 Large 0.5% 7.5% Slowed growth in Convenience, where Large CPGs impacted 2016 2019 2020 more heavily

Note: Large is $6B+ in L52W, Medium $1-5.5B, Small $100M-1B and Extra Small <$100M. MULO+C includes Grocery, Mass, Club, Convenience, Drug. Dollar and e-Commerce for Pickup & Delivery from Brick & Mortar stores.

Source: IRI POS Data MULO+C. IRI & BCG analysis. © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 6 2020 Rankings 2019 Growth Leader New to List vs. 2019 Returning and New Companies in the Top Rankings New to List vs. 2012–19

Large Companies Mid-Size Companies Small Companies

1 1 11 1 11

2 2 12 2 12

3 3 13 3 13

4 4 14 4 14

5 5 15 5 15

6 6 6

7 7 7

8 8 8

9 9 9

10 10 10

Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$6B, Large >5.5B. Source: IRI data for multi-outlet and convenience (MULO+C). MULO+C includes Grocery, Mass, Club, Convenience, Drug. Dollar and E-Commerce for store Pickup & Delivery from Brick & Mortar stores. Source: IRI & BCG analysis. © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 7 Large Winning Companies Switch Positions, But Several Players are Frequently in the Top 10

2012 2013 2014 2015 2016 2017 2018 2019 2020 #of times on list

Reynolds Reynolds Lorillard Grupo Bimbo 5 1 1 1 1 American 1 American 1 1 1 1

2 2 Lorillard 2 Mondelez Intl 2 Unilever 2 2 Danone 2 2 2 General Mills 3

Anheuser Busch Mondelez Intl PepsiCo Altria Grp Tyson Foods Tyson Foods Mondelez Intl 5 3 InBev 3 3 3 3 3 3 3 3

Dr. Pepper Keurig Dr Coca Cola Campbell Soup Bimbo General Mills Conagra Brands 2 4 4 4 4 4 4 Snapple Grp 4 Pepper 4 4

Dr. Pepper Reckitt Altria Grp Unilever Tyson Foods General Mills 1 5 5 5 5 Snapple Grp 5 5 5 5 5 Benckiser Inc

LARGE Reynolds Unilever Campbell Soup Coca Cola Kimberly-Clark Conagra Brands 8* 6 6 6 6 6 6 American 6 6 6

Nestle S A Keurig Dr PepsiCo Coca Cola PepsiCo Bimbo Danone Mondelez Intl 4 7 Switzerland 7 7 7 7 7 7 7 7 Pepper

8 8 Bimbo 8 8 8 PepsiCo 8 Imperial Brands 8 8 8 6

9 Kimberly-Clark 9 Coca Cola 9 Lorillard 9 Mondelez Intl 9 Unilever 9 9 9 Kellogg’s 9 Tyson Foods 4

Reynolds 10 Campbell Soup 10 Kimberly-Clark 10 10 10 Altria 10 Coca Cola 10 Bimbo Danone 7 American 10 10

*Constellation Brands appears in mid-sized players prior to 2017 Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$6B, Large >$6B. / Source: IRI MULO+C POS data. IRI Consulting & BCG analysis. © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 8 Many Mid-Size Players Are Also Consistently in the Top

2012 2013 2014 2015 2016 2017 2018 2019 2020 #of times on list Keurig Green Keurig Green Mead Johnson The Wonderful Mark Anthony Glaxosmithkline Juul Labs Vital Pharma 2 1 Mountain 1 Mountain 1 Nutrition 1 1 1 Co. 1 1 1 Brands Keurig Green Hostess Hostess Cargill Juul Labs 2 2 2 Mountain 2 2 2 2 2 2 4* Blue Diamond Mark Anthony McKee Foods 3 Energizer 3 3 Boston Beer 2 3 3 3 3 3 3 Growers Brands 4 4 Sterilite 4 Link Snacks 4 Egglands Best 4 4 4 Post 4 Boston Beer 4 Swedish Match 2

5 5 5 5 Sterilite 5 5 Hostess 5 5 Schwan Food 5 Goya Foods 1 Driscoll Ocean Spray Sterilite Land O Lakes 6 Danone Energizer 6 6 1 6 6 6 6 6 6 Strawberry Cranberries The Wonderful 7 Bic 7 7 7 7 7 7 Abbott 7 7 CJ Foods 1

SIZE Co. - Schwan Food Link Snacks Land O Lakes 8 8 Swedish Match 8 Land O Lakes 2 8 8 8 8 8 8 Co.

MID Blue Diamond Blue Diamond 9 9 Link Snacks 9 WH Group 9 Land O Lakes 9 9 9 Ferrero USA 9 Hostess Brands 9 Pharmavite 1 Growers Growers Scandinavian Blue Diamond Driscoll 10 Merck 10 10 Sanofi 10 10 10 10 Foster Farms 10 10 3 Tobacco Growers Strawberry Scandinavian Driscoll 11 Snyders Lance 11 Bic 11 11 11 11 Post 11 11 11 7 Tobacco Strawberry 12 Spectrum 12 12 Bic 12 Johnsonville 12 Rank Group 12 Pinnacle Foods 12 Flowers Foods 12 Rank Group 12 H P Hood 2

13 Bayer 13 13 13 Pfizer 13 Glaxosmithkline 13 13 Energizer 13 Flowers Foods 13 6

14 Carlyle Group 14 Tyson 14 Post 14 WH Group 14 Abbott 14 14 Glaxosmithkline 14 H P Hood 14 Koch 1 Johnsonville 15 15 15 Hain Celestial 15 15 Sanofi Aventis 15 15 Lindt 15 Dole Foods Co 15 1 Sausage

*Bodyarmour Appeared Small-Sized *Juul appears in small-sized players for 2017 Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$6B, Large >$6B. / Source: IRI MULO+C POS data. IRI Consulting & BCG analysis. © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 9 Few Small Companies Have Consistently Led

2012 2013 2014 2015 2016 2017 2018 2019 2020 #of times on list Talking Rain Bev Bodyarmor Kind Quest Nutrition Pax Labs (Juul) Vital Pharma Njoy Vi Jon Labs 1 Co 1 1 1 1 SuperDrink 1 1 1 1 1 2 2 Paris Presents 2 Skinny Pop 2 2 2 Eden Creamery 2 Harry’s 2 2 4 Talking Rain Bev Handi Foil Kind Fairlife Bragg Live Foods Beyond Meat 3 3 Co 3 3 3 3 3 3 3 1 SPD Swiss Precision Gryphon Investors Old World Ind eos Bai Brands Bai Brands Bragg Live Foods Lamb Weston Baker Mills 4 4 4 4 4 4 4 4 4 Diagnostics 1 Jasper Wyman & Vogue INTL Talenti 5 5 5 5 5 5 5 5 5 Son 1 Country Creek Dots Homestyle YoCrunch Materne Schreiber Foods Califia Farms Global Water Tech KT & G 6 6 6 6 Farms 6 6 6 6 6 Pretzels 1 7 7 All Market 7 All Market 7 7 Noosa Yoghurt 7 7 Handi Foil 7 Global Water Tech 7 5

8 8 8 Panera Bread 8 Kind 8 Old Trapper 8 8 8 8 Handi Foil Corp Hfa 2 SMALL 9 Shurtape Tech 9 Njoy 9 Materne 9 All Market 9 Pete and Gerry's 9 9 9 Natrol 9 Sun Bum 1 National Fish & Aqua Star Advanced Beauty Fairlife Core Natural Sovos Brands Rao’s Lamb Weston Natrol 10 Seafood 10 10 10 10 10 10 10 10 2 Foundation Consumer Roll Philips Electronics Paris Presents Old Trapper Il Conte Imp 11 11 11 11 11 11 11 Healthcare 11 11 1 Advanced Beauty Completely Swiss Precision Foundation Consumer Palermo Villa The Fishin' Co PDC Brands Raw Sugar Living 12 Sys. 12 Fresh Foods 12 12 12 12 12 Diagnostics 12 Healthcare 12 1 American Applegate Farms Mobil Corp Ready Pac Foods QuestNutrition Fairlife Idahoan Foods 13 13 13 13 13 13 13 International 13 13 9 Adv. Fresh Clif Bar Mobil Corp Applegate Farms Ready Pac Hisamitsu Pharm. Milos Tea Lamb Weston 14 14 14 14 Concepts 14 14 14 14 14 3 Icelandic Milk Kens Foods Atkins Nutritionals Aqua Star Glanbia Nunes Co. 15 15 15 15 15 15 & Skyr Corp. 15 15 15 1

Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$6B, Large >$6B. / Source: IRI MULO+C POS data. IRI Consulting & BCG analysis. © 2021 Information Resources Inc. (IRI). Confidential and Proprietary. 10 IRI Global Headquarters CONTACT US 203 N. LaSalle St., Suite 1500 Chicago, IL 60601 FOR MORE [email protected] INFORMATION +1 312.726.1221 Follow IRI on Twitter: @IRIworldwide