美洲饮料：截至5月17日的NielsenIQ数据-非酒精饮料销售增长因价格趋软而连续放缓

Our View - Recent NielsenIQ sales growth trends (including xAOC + Convenience and now Amazon) across total non-alcoholic beverages modestly decelerated on a sequential basis in the latest 2-wks ending 5/17/25, dragged by slightly softer pricing growth - as volume growth was broadly stable. Overall, $ sales growth was up +3.4% y/y for 2-wks (vs. +3.8%/+5.0%/+4.2% for 4-wks/12-wks/52-wks), as pricing growth was up +2.7% (vs. +3.0%/+3.8% for 4-wks/12-wks) and volumes were up +0.7% y/y (vs. +0.7%/+1.2% for 4-wks/12-wks). By key categories - $ sales growth in CSDs were up ~+LSD% and were broadly stable on a sequential basis in the latest 2-wk period, as slightly stronger pricing growth (though still +MSD%) was offset by weaker volumes (though still -LSD%). In bottled water, $ sales trends in the most recent 2-wk period were also broadly stable sequentially (+LSD%), with stable pricing growth (~flat) and stable volume growth (+LSD%). In energy drinks, $ sales growth in the most recent 2-wk p