超越大流行：如果消费者食用更多的植物，CAG、BYND、NOMD、BGS、DANO和MKC都会变得更健康.docx

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1、EquityResearchAmericas

2、UnitedStatesBeyondthePandemicCAG,BYND,NOMD,BGS,DANO,andMKCWillAllGetHealthierifConsumersEatMorePlantsPackagedFoods

3、SectorReviewWehavewrittenextensivelyaboutourviewthatat-homefoodpreparationwillincreasestructurallyasaresultofthepandemic.Moredif

4、ficulttopredictiswhetherconsumerswillactuallychangetheireatinghabitsinordertoleadhealthierlives.HarvardUniversityMedicalSchoolrecommendsadiethighinfruitsandvegetablesforthispurposebecausetheycontainsomanyofthevitaminsandnutrientsthatbolstertheimmunesystemtohelpmanag

5、ethroughillness.ArecentsurveybythemarketingconsultingfirmHunterindicatesthatconsumersaremakingtheconnectionwith39%claimingthattheyareeatinghealthierduringthepandemicandonly19%sayingtheyareeatinglesshealthy.Thereissignificantpotentialupsidetofruitandvegetableconsumpt

6、ionintheU.S.ifconsumerseathealthier.1)TheUSDAestimatesthatmostconsumerseatlessthanhalfofthe4.5servingsoffruitsandvegetablesinthedailyrecommendedallowance.2)TheKaiserFamilyFoundation(KFF)estimatesthat38%ofadultsage18andolderintheU.S.haveahigherriskofdevelopingserious

7、illnessiftheybecomeinfectedwithcoronavirus,duetotheirolderage(65andolder)orhealthcondition.Thatmeansif25%ofthisvulnerablepopulationincreasedtheirvegetableconsumptiontomeetthedailyrecommendations,overallfruitandvegetableconsumptionintheU.S.wouldincrease10%overthecurr

8、entrate.Conagra,B&GFoods,Nomad,Danone,andBeyondMeatlikelyhavethemosttogaininourcoverageifconsumersmakeashifttohealthiereating.ConagraandB&GoperatethetwobiggestfrozenvegetablebrandsintheU.S.andhavegrownthefrozencategorybyinnovatingaggressivelyinplant-basedmeatandcarb

9、ohydratesubstitutes.NomadoperatesthebiggestfrozenvegetablebrandinEuropeandrecentlyintroducedanewplant-basedmealbrandGreenCuisine.Danoneoperatestheleadingplant-basedbeveragebrandsgloballyandtheleadingbrandinyogurtwithprobiotics.Beyondisthemarketleaderinplant-basedmea

10、tsubstitutes.WeviewMcCormick,Nestle,andCampbellassecondderivativesofthistrade.McCormick’sConsumersaleshaveskyrocketedbecausepeoplearecooki