麦肯锡：2026食品饮料行业现状：快消品领导者重塑增长的战略选择研究报告（英文版）（31页）.pdf

1、April 2026Consumer Packaged Goods PracticeState of Food&BeverageThe choices CPG leaders can make to renew growthContentsCHAPTER ONE How the CPG F&B value equation unraveled 3CHAPTER TWO Why consumers are moving away from incumbent brands 7CHAPTER THREE Four food spending shifts 12CHAPTER FOUR The ch

2、oices CPG leaders can make 21 Acknowledgments 29The slow erosion of value in the consumer goods industry is now speeding up.Leaders need to reshape their portfolios,sharpen their value propositions,and fully harness tech and AIor risk ceding ground.This report is a collaborative effort by Duncan Mil

3、ler,Frank Snger,Jessica Moulton,Jordan Bar Am,Konstantin Habernoll,and Ren Schmutzler,representing views from McKinseys Consumer Packaged Goods Practice.1State of Food&Beverage:The choices CPG leaders can make to renew growthEvery day,consumers make small but consequential choices in their food purc

4、hasesswapping familiar names for private-label substitutes,splurging on function-forward brands with inventive packaging,filling grocery baskets with ingredients to cook at home,and,in some markets,turning to food delivery for greater convenience and a chance to treat themselves.In aggregate,these c

5、hoices reflect a reordering of consumer priorities and the slow erosion of the growth model that built modern food and beverage(F&B)giants.The traditional F&B consumer-packaged-goods(CPG)playbook was built on a straightforward equation.For years,this model translated into steady volume growth,expand

6、ing margins,and rising valuation multiples,which delivered superior investor returns.But the old value creation modelwhich hinged on mass-market brand building and product innovation,partnering closely with grocers for broad distribution,driving costs out of the operating model,and using M&A to cons