Mushroom Market Insights: August 11, 2024 Update

Period ending August 11, 2024 1

Important update! 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 $1.53 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 August 11, 2024 with week endings: July 21, 2024 July 28, 2024 August 4, 2024 August 11, 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 8/11/2024 3

Four-year dollar sales trend Sales trended below year-ago levels in the shorter- and longer-term views. Sales are about 6% below the 3YA levels in the 52-week view Fresh mushrooms dollar sales latest 52 w.e. 8/11/2024 Fresh mushrooms dollar sales four w.e. 8/11/2024 $110,683,941 $110,564,693 $108,056,826 $1,616,832,771 $106,483,140 $1,563,925,886 $1,563,367,991 $1,524,989,988 3YA 2YA YA 4 w.e. 8/11/24 3YA 2YA YA 52 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. 8/11/2024 versus same periods the past four years 4

Four-year unit sales trend The shorter- and longer-term unit trends reflect the market pressure with continued declines for both time periods Fresh mushrooms unit sales four w.e. 8/11/2024 Fresh mushrooms unit sales latest 52 w.e. 8/11/2024 40,309,239 37,453,831 36,671,361 591,731,467 35,513,668 542,829,647 518,528,446 504,588,920 3YA 2YA YA 4 w.e. 8/11/24 3YA 2YA YA 52 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. ending 8/11/2024 versus same periods the past four years 5

Four-year volume (pound) sales trend Pound trends are similar to dollars and units. In the 52-week view, pounds are down 56 million from three years ago Fresh mushrooms volume sales latest 52 w.e. 8/11/2024 Fresh mushrooms volume sales four w.e. 8/11/2024 26,510,009 24,651,583 391,930,929 24,064,728 23,433,517 359,787,500 345,244,196 335,662,067 3YA 2YA YA 4 w.e. 8/11/24 3YA 2YA YA 52 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. ending 8/11/2024 versus same periods the past four years 6

Mushroom contribution to the department and category The mushroom share of total produce and vegetables sits below year-ago levels 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 1.7% 3.8% 2.0% 4.1% 2YA 2YA 1.6% 3.5% 1.8% 3.8% YA YA 1.5% 3.4% 1.8% 3.6% 4 w.e. 8/11/2024 52 w.e. 8/11/2024 1.5% 3.3% 1.7% 3.5% Source: Circana, Integrated Fresh, MULO+, 4 weeks and 52 w.e. ending 8/11/2024 7

Mushrooms price per unit On a per unit basis, vegetable prices are decreasing while mushroom prices saw a slight uptick in the latest four weeks 4 weeks Average price/unit Total produce Total vegetables Mushrooms 3YA $2.48 $2.14 $2.74 2YA $2.74 $2.34 $2.96 YA $2.74 $2.38 $2.95 4 w.e. 8/11/2024 $2.75 | +0.4% $2.36 | -0.7% $3.00 | +1.8% Source: Circana, Integrated Fresh, MULO+, YTD weeks ending 8/11/2024 8

Mushroom price per volume (pound) The price per pound trends are similar with decreases for total produce and vegetables, but a mild increase for mushrooms 4 weeks Average price/pound Total produce Total vegetables Mushrooms 3YA $1.61 $1.86 $4.17 2YA $1.79 $2.03 $4.49 YA $1.77 $2.06 $4.49 4 w.e. 8/11/2024 $1.75 | -1.0% $2.02 | -1.8% $4.54 | +1.2% Source: Circana, Integrated Fresh, MULO+, YTD weeks ending 8/11/2024 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 $4.54 $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% 1.0% 1.3% 1.2% $3.80 0.0% 0.7% -0.1% $3.70 -1.0% -0.8% Q4 23 $3.60 -2.0% 2019 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q1 24 Q2 24 4 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 2019-w.e. 8/11/2024 10

Price by type 4 w.e.8/11/2024 Price per unit % change vs. YA % change vs. 3YA Total mushrooms $3.00 +1.8% +9.3% White mushrooms $2.66 +2.7% +9.5% Brown mushrooms $3.27 +0.2% +6.3% Specialty mushrooms $5.56 +2.5% +21.2% 4 w.e. 8/11/2024 Price per volume % change vs. YA % change vs. 3YA Total mushrooms $4.54 +1.2% +9.7% White mushrooms $4.03 +2.1% +13.8% Brown mushrooms $4.79 -0.4% +10.6% Specialty mushrooms $14.16 +2.3% +4.1% 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. 8/11/2024 11

Mushroom dollar, unit, volume sales Declines continue to sit around 3 percentage points of YA levels 4 w.e. 8/11/2024 dollars $106.5M -1.5% -3.2% -2.6% Dollar Unit Volume growth vs. YA growth vs. YA growth vs. YA volume (lbs) 23.4M -3.8% vs. 2YA -3.7% vs. 3YA -4.9% vs. 2YA -11.6% vs. 3YA -5.2% vs. 2YA -11.9% vs. 3YA Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 8/11/2024 12

Vegetables and mushroom pound sales vs. YA Vegetables are off to a strong 2024 whereas pound pressure lingers for mushrooms Volume (pound) sales versus year ago Fresh vegetables vs YA Fresh mushrooms vs. YA 19.0% 15.5% 3.9% 2.9% 1.6% 1.3% 1.0% 0.3% -0.7% -1.2% -2.3% Q3 '22 -1.0% Q2 '22 2020 2021 Q1 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 4 w.e. 8/11/24 -1.4% -2.1% -2.0% -3.6% -2.9% -4.4% -5.2% -4.6% -4.0% -4.8% -2.6% -7.3% -9.1% -8.6% Source: Circana, Integrated Fresh, MULO+, 2020 -w.e. 8/11/2024 13

Share of dollars sold on merchandising Promotional levels increased during the past four weeks Fresh mushrooms 4 w.e. Vs. YA Latest 52 w.e. 8/11/2024 Vs. YA 8/11/2024 Share of dollars sold on promotion 20.4% +6.9% 17.4% +0.1% * Any merchandising, including feature, display, feature & display and temporary price reductions Source: Circana, Integrated Fresh, MULO+, YTD through weeks ending 8/11/2024 14

Over indexing versus under indexing regions The regional performance pulled closer together with underperforming regions from last year starting to perform better Use as comparison to understand importance/size of mushrooms L-52 w.e. 8/11/2024 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 -2.5% -3.5% -2.9% -2.3% -1.3% -2.3% -4.7% -1.4% -2.4% 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% 17.5% 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+, YTD through 8/11/2024 | Total fresh vegetables and total fresh mushrooms 15

Performance summary whites, browns and specialty Crimini 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 8/11/2024 Dollars YA share vs. YA $106.5M 100.0% -1.5% -3.7% 23.4M 100.0% -2.6% -11.6% Total fresh mushrooms $53.0M 49.8% -1.7% -7.3% 13.1M 56.1% -3.8% -16.0% White mushrooms $37.5M 35.2% -0.5% +8.6% 8.1M 34.4% +0.1% +1.1% Crimini mushrooms $9.6M 9.1% -5.3% -26.1% 1.8M 7.6% -6.1% -26.7% Portabella mushrooms $6.3M 5.9% -0.9% +9.4% 0.4M 1.9% -1.4% +4.6% Specialty mushrooms Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 8/11/2024 16

White button mushrooms dollar performance Dollars L-52 w.e. 8/11/2024 $755.7M -3.6% 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% -1.7% -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% -10.0% $53.0M $50,000,000 Average price/unit $2.67 +0.8% vs. YA -15.0% -20.0% $0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 4 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 8/11/2024 17

White button mushrooms volume performance Pounds L-52 w.e. 8/11/2024 187.5M -5.1% 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 -2.5% -2.8% 0.0% -3.8% -5.0% -5.7% -5.9% -5.8% 30,000,000 -6.7% -5.0% -9.7%-10.1% -11.0% 20,000,000 13.1M -10.0% Average price/pound $4.03 +1.5% vs. YA -15.0% 10,000,000 -20.0% 0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 4 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 8/11/2024 18

Crimini mushrooms dollar performance Dollars L-52 w.e. 8/11/2024 $545.5M -1.4% 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% $100,000,000 -0.5% 0.6% -0.6% -1.4% -2.2% -1.4% 0.0% 2.9% $80,000,000 -5.0% $60,000,000 $37.5M -10.0% $40,000,000 Average price/unit $3.44 -0.7% vs. YA -15.0% $20,000,000 -20.0% $0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 4 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 8/11/2024 19

Crimini mushrooms volume performance Pounds L-52 w.e. 8/11/2024 117.9M +0.2% 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% 0.1% -1.3% 20,000,000 -5.2% 0.0% -5.4% 15,000,000 -5.0% 8.1M 10,000,000 -10.0% Average price/pound $4.62 -1.6% vs. YA -15.0% 5,000,000 -20.0% 0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 4 w.e. 8/11/24 Source: Circana, Integrated Fresh, MULO+, 2021 plus 4 weeks ending 8/11/2024 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 ounces drives the bulk of sales and are outperforming 16-ounces in the latest 52 weeks. 24 ounce packages are growing 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 -1.8% 314.8M -1.5% 157.4M -1.5% 16 OZ $234.7M -7.9% 58.5M -11.0% 58.5M -11.0% 24 OZ $239.8M +0.4% 47.2M +2.1% 70.8M +2.1% Source: Circana, Integrated Fresh, MULO+, 52 weeks ending 8/11/2024 22

Packaged (fixed weight) versus random weight While both down, fixed weight did better than random weight 4 w.e. 8/11/2024 | Share of total mushroom sales and sales growth % Fixed weight Random weight Dollar growth -1.3% -5.5% Share of mushroom $ sales 96.6% -2.6% 3.4% -3.3% Volume growth Share of mushroom lbs sales 97.0% 3.0% Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 8/11/2024 23

Organic versus conventional mushrooms sales Organic mushrooms increased volume sales with a shift to larger pack sizes 4 w.e. 8/11/2024 | Share of total mushroom sales and sales growth % Unit growth -3.9% Volume growth -4.4% Market size $82.5M $ Conventional growth -2.7% Unit growth +1.2% Volume growth +5.2% Market size $24.0M $ Organic growth +3.0% 20.4% of pound sales Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 8/11/2024 compared with year ago 24

Cut/prepared versus whole mushrooms Whole continues to outperform value-added in dollars, units and pounds 4 w.e. 8/11/2024 | Share of total mushroom sales and sales growth % Unit growth -3.4% Volume growth -3.0% Market size $61.6M $ No preparation growth -1.5% Unit growth -3.3% Volume growth -3.8% Market size $38.5M $ growth -2.5% Sliced Source: Circana, Integrated Fresh, MULO+, 4 weeks ending 8/11/2024 compared with year ago 25