The news: Lower prices helped General Mills grow or maintain market share in roughly two-thirds of its 10 largest US categories in fiscal 2026.

In categories where the company reduced base prices below “key cliffs” or narrowed gaps with competitors, it had “significant improvement” in base volumes, going from a 10% decline in fiscal 2025 to 1% growth in Q4 2026, CEO Jeff Harmening said in prepared remarks.

The consumer backdrop: General Mills’ ability to win back share reflects a more proactive—and pragmatic—approach to growth in a difficult environment. Category volume growth slowed during the fiscal year ended May 31, which affected General Mills’ human and pet food businesses. Additionally, shoppers waited for promotions before buying, reducing full-price sales and pressuring margins.

Those behaviors will likely persist in the next year as consumers remain under pressure. Roughly 3 in 5 US adults have changed their grocery shopping habits this year due to economic conditions, according to a CNN poll conducted by Social Science Research Solutions. General Mills expects shoppers to continue buying less at everyday prices, take advantage of promotions, and shift what and where they buy to maximize value.

Implications for CPGs: Rather than wait for demand to improve, consumer packaged goods makers can take a page from General Mills and move aggressively to capture growth now. That means leaning into premium products with “better for you” benefits, such as added protein or fresh flavors while continuing to align portfolios and marketing with consumer trends.