Importance of University Outreach in Commercial Real Estate Industry
University outreach plays a crucial role in shaping the future of the commercial real estate industry by engaging with the next generation of professionals, promoting advanced education opportunities, and fostering growth and mentorship initiatives. Through partnerships with universities, organizations like CCIM are able to create pathways for aspiring professionals to achieve industry stature and relevance.
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Period ending September 8, 2024 1
MULO+ reminder! Please note that the Mushroom Council has upgraded its contract with Circana to have the largest market coverage available. Depending on the category, market coverage increased 10% to 15%. Our fresh mushroom universe expanded by 14.8% to annual sales of $1.5 billion through the inclusion of food, club, online and other retailers who were not previously included nor projected in the data. Several of these retailers were ones who gained business during the past few years, changing not only the size of the retail universe measured but also the trajectory. With the added data, mushroom trends more closely follow the overall food and beverage trends with sales levels that remain above the 2019 pre-pandemic baseline. Other trends, such as organic, value-added, seasonal growth and contraction and pack sizes continued to hold up. All historic data points in the spreadsheet and PowerPoint have been upgraded to MULO+. 2
Methodology The report covers the four weeks ending September 8, 2024 with week endings: August 18, 2024 August 25, 2024 September 1, 2024 September 8, 2024 Dollar references are the retail value, volume is reflected in pounds and units (packages) Package size, organic, fixed/random weight and value-added now all reflect the MULO+ expanded marketplace For questions, contact Anne-Marie Roerink, at aroerink@210analytics.com Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 9/8/2024 3
Four-year dollar sales trend Dollar sales are starting to level out in the shorter-term and improving in the full-year view Fresh mushrooms dollar sales latest 52 w.e. 9/8/2024 Fresh mushrooms dollar sales four w.e. 9/8/2024 $112,942,265 $112,746,304 $109,911,170 $109,873,492 $1,609,600,812 $1,563,729,926 $1,560,509,494 $1,525,039,506 3YA 2YA YA 4 w.e. 9/8/24 3YA 2YA YA 52 w.e. 9/8/24 Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. 9/8/2024 versus same periods the past four years 4
Four-year unit sales trend Unit sales did see some decline, but shoppers moved to larger pack sizes, resulting in lesser volume declines Fresh mushrooms unit sales four w.e. 9/8/2024 Fresh mushrooms unit sales latest 52 w.e. 9/8/2024 41,149,118 37,878,421 36,850,714 588,439,343 36,350,144 539,558,950 517,493,977 504,104,305 3YA 2YA YA 4 w.e. 9/8/24 3YA 2YA YA 52 w.e. 9/8/24 Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. ending 9/8/2024 versus same periods the past four years 5
Four-year volume (pound) sales trend In the quad-week period, pound sales are starting to level out, though still down about 9 million pounds YOY in the 52-week view Fresh mushrooms volume sales latest 52 w.e. 9/8/2024 Fresh mushrooms volume sales four w.e. 9/8/2024 27,057,792 24,889,311 24,245,995 389,871,897 24,115,686 357,619,020 344,596,411 335,543,860 3YA 2YA YA 4 w.e. 9/8/24 3YA 2YA YA 52 w.e. 9/8/24 Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. ending 9/8/2024 versus same periods the past four years 6
Mushroom contribution to the department and category The mushroom share of total vegetable sales remained steady in the quad week 4 weeks Mushroom $ share Share of total produce Share of total vegetables 52 weeks Mushroom $ share Share of total produce Share of total vegetables 3YA 3YA 1.8% 3.8% 2.0% 4.1% 2YA 2YA 1.7% 3.6% 1.8% 3.8% YA YA 1.6% 3.4% 1.8% 3.6% 4 w.e. 9/8/2024 52 w.e. 9/8/2024 1.5% 3.4% 1.7% 3.5% Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. ending 9/8/2024 7
Mushrooms price per unit On a per unit basis, vegetable prices decreased slightly while mushroom prices saw a 1.3% uptick in the latest four weeks due to the switch to larger packages 4 weeks Average price/unit Total produce Total vegetables Mushrooms 3YA $2.46 $2.15 $2.74 2YA $2.70 $2.35 $2.98 YA $2.72 $2.36 $2.98 4 w.e. 9/8/2024 $2.73 | +0.4% $2.35 | -0.7% $3.02 | +1.3% Source: Circana, Integrated Fresh, MULO+, YTD weeks ending 9/8/2024 8
Mushroom price per volume (pound) On a per pound basis, mushroom prices did decline slightly, at -0.5% 4 weeks Average price/pound Total produce Total vegetables Mushrooms 3YA $1.62 $1.83 $4.17 2YA $1.79 $2.01 $4.53 YA $1.77 $2.01 $4.53 4 w.e. 9/8/2024 $1.76 | -0.2% $1.98 | -1.6% $4.56 | -0.5% Source: Circana, Integrated Fresh, MULO+, YTD weeks ending 9/8/2024 9
Price per volume by quarter/month Prices have been rising over the past few months, matching their highest point during the fourth quarter of 2022 Mushrooms price per pound and change vs. YA (fixed and random weight) $4.70 9.0% $4.56 $4.57 $4.56 $4.54 $4.54 $4.51 $4.53 $4.60 $4.52 8.0% $4.48 $4.44 $4.50 7.0% $4.33 $4.40 6.0% 7.9% 7.9% $4.30 5.0% 6.4% 5.2% $4.18 $4.20 4.0% 4.5% $4.09 3.5% $4.10 3.0% $3.95 $4.00 2.0% 2.1% $3.90 1.0% 1.3% 1.0% $3.80 0.0% 0.7% 0.5% -0.1% $3.70 -1.0% -0.8% Q4 23 $3.60 -2.0% 2019 2020 2021 4 w.e. 9/8/24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q1 24 Q2 24 Source: Circana, Integrated Fresh, MULO+, 2019-w.e. 9/8/2024 10
Price by type 4 w.e.9/8/2024 Price per unit % change vs. YA % change vs. 3YA Total mushrooms $3.02 +1.3% +10.1% White mushrooms $2.64 +0.8% +8.8% Brown mushrooms $3.36 +1.4% +8.9% Specialty mushrooms $5.70 +4.8% +22.9% 4 w.e. 9/8/2024 Price per volume % change vs. YA % change vs. 3YA Total mushrooms $4.56 +0.5% +9.2% White mushrooms $4.00 +0.2% +9.6% Brown mushrooms $4.86 +0.2% +5.6% Specialty mushrooms $14.27 +1.9% +12.0% Brown mushrooms include crimini and portabella Specialty mushrooms include shiitake, oyster, enoki, chanterelle, morel, wood ear, porcini, black forest, lion s mane and other Source: Circana, Integrated Fresh, MULO+, 4 w.e. 9/8/2024 11
Mushroom dollar, unit, volume sales Dollar and volume sales are starting to level off, driven by 24-ounce packages 4 w.e. 9/8/2024 dollars $109.9M -0.0% -1.4% -0.5% Dollar Unit Volume growth vs. YA growth vs. YA growth vs. YA volume (lbs) 24.1M -2.5% vs. 2YA -2.7% vs. 3YA -3.1% vs. 2YA -10.9% vs. 3YA -4.0% vs. 2YA -11.7% vs. 3YA Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 9/8/2024 12
Vegetables and mushroom pound sales vs. YA Vegetables continue to have a strong 2024 with improving volume numbers for mushrooms Volume (pound) sales versus year ago Fresh vegetables vs YA Fresh mushrooms vs. YA 19.0% 15.5% 3.9% 3.9% 1.6% 1.3% 1.0% 0.3% -0.7% -1.2% -2.3% Q3 '22 -1.0% Q2 '22 -0.5% 4 w.e. 9/8/24 2020 2021 Q1 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 -1.4% -2.1% -2.0% -3.6% -2.9% -4.4% -5.2% -4.6% -4.0% -4.8% -7.3% -9.1% -8.6% Source: Circana, Integrated Fresh, MULO+, 2020 -w.e. 9/8/2024 13
Share of dollars sold on merchandising Promotional levels increased during the past four weeks and year Fresh mushrooms 4 w.e. Vs. YA Latest 52 w.e. 9/8/2024 Vs. YA 9/8/2024 Share of dollars sold on promotion 17.4% +9.7% 17.8% +11.1% * Any merchandising, including feature, display, feature & display and temporary price reductions Source: Circana, Integrated Fresh, MULO+, latest 4 w.e. 9/8/2024 14
Over indexing versus under indexing regions In dollars, the Northeast is an above-average seller and had better-than- average growth Use as comparison to understand importance/size of mushrooms L-52 w.e. 9/8/2024 Share of veg. $ Share of mushrooms $ $ sales growth WEST WEST PLAINS PLAINS vs. YA GREAT LAKES GREAT LAKES Total US California Great Lakes Mid-South Northeast Plains South Central Southeast West -2.3% -3.6% -2.5% -2.0% -1.1% -2.2% -4.3% -1.5% -2.1% 100.0% 12.1% 13.3% 13.0% 17.6% 6.6% 8.9% 15.4% 13.1% 100.0% 14.0% 15.0% 11.4% 17.6% 6.5% 6.8% 13.4% 15.4% NORTHEAST NORTHEAST MID SOUTH MID SOUTH CALIFORNIA CALIFORNIA SOUTHEAST SOUTHEAST SOUTH CENTRAL SOUTH CENTRAL = Above-average share vs. veg = Above-average performance vs. total US Source: Circana, Integrated Fresh, MULO+, L52 w.e. 9/8/2024 | Total fresh vegetables and total fresh mushrooms 15
Performance summary whites, browns and specialty Crimini and specialty mushrooms had the strongest performance in the short and longer term Dollar share $ sales vs. $ sales vs. 3YA Volume (lbs) Lbs Lbs Lbs vs. 3YA 4 weeks ending 9/8/2024 Dollars YA share vs. YA $109.9M 100.0% -0.0% -2.7% 24.1M 100.0% -0.5% -10.9% Total fresh mushrooms $55.1M 50.1% -0.3% -6.4% 13.8M 57.1% -0.5% -14.6% White mushrooms $38.6M 35.2% +0.6% +8.7% 8.2M 34.0% +0.5% +0.9% Crimini mushrooms $9.3M 8.5% -5.5% -26.4% 1.6M 6.8% -6.9% -29.2% Portabella mushrooms $6.9M 6.3% +6.8% +15.7% 0.5M 2.0% +4.7% +3.3% Specialty mushrooms Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 9/8/2024 16
White button mushrooms dollar performance Dollars L-52 w.e. 9/8/2024 $755.6M -3.4% vs. YA White button mushroom, $ and % vs YA (fixed and random weight) 15.0% $250,000,000 $213M $208M $205M $200M $195M$184M 10.0% $196M $190M $184M $178M $200,000,000 5.0% -0.3% -2.4% -2.4% 0.0% $150,000,000 -3.4% -3.1% -4.5% -3.7% -1.3% -2.5% -5.0% -2.5% $100,000,000 -6.3% $55.1M -10.0% $50,000,000 Average price/unit $2.67 +0.9% vs. YA -15.0% -20.0% $0 4 w.e. 9/8/24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 9/8/2024 17
White button mushrooms volume performance Pounds L-52 w.e. 9/8/2024 187.4M -4.9% vs YA White button mushroom, lbs and % vs YA (fixed and random weight) 15.0% 55.5M 60,000,000 52.3M 51.2M 49.6M 49.2M 48.6M 48.4M 10.0% 45.6M 46.1M 50,000,000 44.8M 5.0% 40,000,000 -0.5% -2.5% -2.8% 0.0% -5.0% -5.7% -5.9% -5.8% 30,000,000 -6.7% -5.0% -9.7%-10.1% -11.0% 20,000,000 13.8M -10.0% Average price/pound $4.03 +1.5% vs. YA -15.0% 10,000,000 -20.0% 0 4 w.e. 9/8/24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 9/8/2024 18
Crimini mushrooms dollar performance Dollars L-52 w.e. 9/8/2024 $545.8M -1.3% vs. YA Crimini mushroom, $ and % vs YA (fixed and random weight) $148M $142M 20.0% $150M $160,000,000 $144M $140M $134M$125M $131M $124M 15.0% $126M $140,000,000 9.7% 7.3% 8.0% 6.5% 10.0% $120,000,000 5.0% 0.6% $100,000,000 0.6% -0.6% -1.4% -2.2% -1.4% 0.0% 2.9% $80,000,000 -5.0% $60,000,000 $38.6M -10.0% $40,000,000 Average price/unit $3.44 -0.6% vs. YA -15.0% $20,000,000 -20.0% $0 4 w.e. 9/8/24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 9/8/2024 19
Crimini mushrooms volume performance Pounds L-52 w.e. 9/8/2024 118.0M +0.3% vs. YA Crimini mushroom, lbs and % vs YA (fixed and random weight) 20.0% 32.0M 31.9M 31.5M 35,000,000 30.8M 30.5M 28.7M 15.0% 28.3M 27.4M 30,000,000 26.6M 26.7M 10.0% 4.6% 25,000,000 1.9% 5.0% 1.2% 1.1% 0.6% 0.6% 0.5% 0.5% -1.3% 20,000,000 -5.2% 0.0% -5.4% 15,000,000 -5.0% 8.2M 10,000,000 -10.0% Average price/pound $4.63 -1.6% vs. YA -15.0% 5,000,000 -20.0% 0 4 w.e. 9/8/24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 9/8/2024 20
Other insights Packaged (fixed weight) versus random weight Package-size analysis Organic versus conventional Value-added versus whole/uncut 21
Package size analysis 8-ounce packs drove the bulk of sales but 24-ounce packages have overtaken 16-ounce packages with growth in dollars, units and volume Package size (per UPC) 52 weeks Dollars $ vs. YA Units % vs. YA Volume lbs vs. YA 8 OZ $739.5M -1.6% 314.5M -1.5% 157.3M -1.5% 16 OZ $234.9M -7.3% 58.5M -10.3% 58.5M -10.3% 24 OZ $240.7M +0.5% 47.4M +2.4% 71.1M +2.4% Source: Circana, Integrated Fresh, MULO+, 52 weeks ending 9/8/2024 22
Packaged (fixed weight) versus random weight Fixed-weight dollar sales increased in the latest quad-week 4 w.e. 9/8/2024 | Share of total mushroom sales and sales growth % Fixed weight Random weight Dollar growth +0.2% -6.4% Share of mushroom $ sales 96.7% -0.4% 3.3% -5.1% Volume growth Share of mushroom lbs sales 97.1% 2.9% Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 9/8/2024 23
Organic versus conventional mushrooms sales Organic mushrooms increased volume sales with a shift to larger pack sizes 4 w.e. 9/8/2024 | Share of total mushroom sales and sales growth % Unit growth -2.0% Volume growth -2.1% Market size $85.1M $ Conventional growth -1.5% Unit growth +2.5% Volume growth +6.2% Market size $24.8M $ Organic growth +5.5% 20.3% of pound sales Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 9/8/2024 compared with year ago 24
Cut/prepared versus whole mushrooms Whole and sliced had a very similar performance 4 w.e. 9/8/2024 | Share of total mushroom sales and sales growth % Unit growth -1.8% Volume growth -1.3% Market size $63.4M $ No preparation growth +0.1% Unit growth -1.1% Volume growth -1.0% Market size $40.1M $ growth -1.4% Sliced Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 9/8/2024 compared with year ago 25
