2024 September Board Book

Business Development, September 2024

Domestic Retail The first chart below is for TTL US, the second is California. On the left is latest 52 weeks, with the timeframe progressively shorter until the last column which is the last 13 weeks, through 7-14-2024.

This is the most encouraging volume growth for dairy in my 9+ years at CMAB! The only declining volume of significance we’re seeing is in butter in CA. This news is more than offset by the strength in every single other category, including fluid milk. To see California fluid milk not only trending up, but at a better rate than the rest of the US is absolutely encouraging. The fact that price/volume is going down while other food at home prices are up 1.5% and food away from home increasing YoY at 4%+ certainly is a factor. But consumer trends toward natural, simple nutrition, protein and probiotics is a major tailwind