Earlier this year, William Blair consumer research analyst Jon Andersen, CFA, published an industry report arguing it’s time to play chess, not checkers, in the consumer packaged goods (CPG) industry. The thesis: a reckoning has occurred, and CPG companies should consider broader strategic moves to better address shifting consumer preferences and pressures on profitability.
Since April 2026, the data have been mixed. While the food and household and personal care subsector indexes are up, both still lag the broader market. In this first update to our initial report, published September 1, 2026, we revisit sector performance and valuation, industry actions, exogenous events, M&A activity, selected stock performance, and investment ideas.
To learn more about William Blair’s consumer equity research, contact us or your William Blair representative.