Steven Cahillane
Chairman Of The Board And Chief Executive Officer at Kellanova
Thanks, Amit. I'll start by emphasizing the broad-based nature of our sales growth. Slide number 21 shows the two-year compound annual growth rates in net sales across our four regions. It's in North America, where we've had the most supply disruption and most significantly in cereal. This has restrained our overall growth in quarter two and quarter three this year. But as we'll see in a minute, our snacks continue to grow nicely year-on-year, and frozen breakfast and plant-based foods have continued to post good growth on a two-year CAGR basis. Europe sustained impressive growth in quarter three. Pringles has driven exceptional growth for us in snacks, and cereal sales have remained strong there as well.
In our Latin America and AMEA regions, we are clearly demonstrating exceptional momentum, collectively sustaining double-digit growth on a two-year and one-year basis in the third quarter. In fact, if you turn to Slide number 22, you can see that this emerging markets growth is anything but new. Collectively, our emerging markets had already been growing consistently at or above our long-term target of mid-single-digit growth for these businesses. This year, we've seen double-digit growth. Elasticities to our cost-related price increases have run lower than historical levels. We have continued to expand Pringles across these markets, with especially strong growth in Russia and Brazil. We have also continued to grow cereal across our emerging markets with particular strength this year in Asia. And our growth in Africa this year has been nothing short of spectacular, driven by noodles, cereal and snacks.
Equally important to our long-term prospects is the health of our big world-class brands. And in quarter three, their momentum was sustained as much in developed markets as in emerging markets. Slide number 23 shows the two-year CAGRs for consumption growth for Pringles in the U.S. This brand continued to gain share in the third quarter, propelled by incremental innovation, effective brand-building campaigns and strength in multipacks. And Slide number 24 shows that Pringles momentum is truly global. Similar to the U.S., the brand's strong growth and share performance is being driven by incremental innovation like the Sizzl'n platform in Europe or local flavors like seaweed in Asia and by very effective brand building, particularly its 360-degree campaigns around soccer and electronic gaming. On top of that, it continues to gain distribution, particularly in emerging markets.
So this $2 billion global retail sales brand continues to perform well. Let's check in on another world-class brand, Cheez-It, shown on Slide number 25. In the U.S., this brand continued to grow consumption and gained share in the third quarter, sparked by strong brand-building activity and growth in multipacks. Meantime, it continues to gain distribution and share in its newly launched markets, Canada and Brazil. This is a $1 billion plus brand that continues its long track record of consistent growth. Pop-Tarts is another world-class brand that is performing well. Its two-year growth has well outpaced the portable wholesome snacks category, as shown on Slide number 26. Another big brand with over $750 million sales at retail in the U.S. alone, it's showing good momentum. To give you an idea of how relevant this brand is, our latest ad has generated nearly 40 million views on YouTube.
Our What Would Pop-Tarts Do hashtag has shown up 5.7 billion times in TikTok and the brand has enjoyed more than two billion earned impressions this year. And big growth has continued for us on Rice Krispies Treats, shown on Slide number 27. This brand even accelerated its consumption growth and share gains during the third quarter, aided by effective brand building and the success of innovation like Homestyle treats. This brand generates close to $350 million in retail sales in the U.S., and it continues to grow. In cereal, the performance of key brands in the U.S. has been impacted by supply complications in North America, but internationally, we're seeing good growth. On Slide number 28, our two world-class brands in Europe are worth highlighting.
Tresor, also known as Krave in some markets is a taste segment brand that has become the number one cereal brand in Europe and has dramatically outpaced the category this year in key markets like France and Germany. Extra, meanwhile, is geared more towards adults and it, too, has strongly outpaced the category this year in markets like Italy and Spain. Over in the frozen aisle, Eggo is clearly a world-class brand and it is performing well. Slide number 29 shows that it is sustaining solid mid-single-digit consumption growth in spite of capacity constraints. Yet another big brand with close to $900 million in retail sales in the U.S., continuing to grow. Morningstar Farms, our leading plant-based proteins brand, is shown on Slide number 30. This is another world-class brand that is sustaining strong consumption growth even as the category decelerates as expected and even as we run up against capacity limits in some of our product segments.
This is a $400 million retail sales brand with momentum and strong prospects. In fact, as you've seen, the fundamentals, momentum and growth prospects for many of our biggest world-class brands remain solid. Now let's review each of our regions, starting with North America in Slide number 31. Net sales were flat year-on-year in the third quarter, with underlying consumption growth well exceeding our shipments due to supply constraints. Many of these constraints were economy-wide, including shortages of materials, labor and freight. But we had some internal challenges as well. As you know, we entered this year tight on capacity for growing food formats in cereal, frozen from the griddle and plant-based protein as well as certain pack formats and snacks. Add to that, the fire that interrupted production at one of our cereal plants and you can appreciate just how constrained we have been.
The good news is that we remain in growth on a two-year CAGR basis and that our revenue growth management actions are resulting in good price/mix growth. This price realization, along with good execution of productivity programs is crucial for mitigating the margin pressures of high cost inflation and incremental costs and inefficiencies related to the broader bottlenecks and shortages in the economy. Slide number 32 breaks our North America net sales growth into category groups. You can see the good momentum we've seen in snacks and frozen despite these supply constraints and the fact that away-from-home sales remain lower on a two-year basis. Cereal net sales have been flattish on a two-year CAGR basis in the first half, roughly in line with the U.S. category's performance.
In quarter three, however, it faced the worst of its supply challenges and is now down about one percent year-to-date on a two-year CAGR basis. Importantly, our underlying consumption trends remain solid across most of the portfolio, as shown on Slide number 33. In all three of our snacks categories, we saw an acceleration in two-year CAGRs in quarter three, continuing to well outpace their individual categories. In the frozen-from-the-griddle category, we also saw accelerated two-year growth during the third quarter. And in frozen veg vegan, even as the category decelerates as expected, our growth remains strong. Even in cereal, which is a category that has been flat on a two-year basis this year, we are holding consumption relatively flat despite all the supply challenges we've been facing.
And before we move on from our discussion of North America, we should touch on our U.S. away-from-home business in Slide number 34. The slide shows rolling two-year average growth rates in our net sales over the past few quarters in these channels. As restrictions eased and consumer mobility increased, we saw year-on-year growth starting in quarter two and continuing in quarter three. Our sales remained below 2019 levels but you can see that a gradual recovery continues. The recovery has been a little quicker in channels like convenience stores and schools, and much slower in channels like vending and in travel and lodging. There is no question that our North America region is facing the toughest of the global supply challenges, and the team has risen to the occasion. We are presently working to restore full production at our fire-damaged cereal plant, while negotiating with the union regarding its strike against all of our U.S. cereal plants.
Indeed, North America faces an even tougher quarter in the quarter four. Nonetheless, we're executing well in market, and our brands are in great shape. Now let's turn to our international regions in Slide number 35. You can see that in each of these three regions, we are sustaining strong momentum, both in the form of year-on-year growth and on a two-year CAGR basis, which eliminates the impact of comparing against last year's surge, especially in Latin America. Let's look at each of these regions a little more closely. Slide number 36 shows the results of Kellogg Europe. Europe's streak of quarterly organic net sales growth continued in impressive fashion in the third quarter. Driven by both volume and price mix, this growth was led by Russia and the U.K. but broad-based across the region.
Double-digit growth in snacks was driven not only by Pringles sustaining its momentum, but also by a rebound in portable wholesome snacks. Cereal sales grew on top of last year's growth, and we are particularly pleased with the magnitude of our share gains in the U.K. As we look to the fourth quarter, we lap a particularly strong organic net sales growth performance. And on operating profit, we are managing through high costs and supply challenges as well as lapping a 53rd week. Nevertheless, we expect to sustain our in-market momentum in cereal and snacks, and Europe is on track for another strong year. Now let's talk about Latin America in Slide number 37. The year ago quarter included outsized gains in sales and profit, so comparisons are masking a solid performance for us in the third quarter.
Organic net sales continued to grow year-on-year despite the comparisons, with notable strength on a two-year CAGR basis. The growth was broad-based and supported by strong in-market performance in cereal led by Mexico, as well as by Pringles across key markets. We saw particular strength in Brazil, where Pringles is showing outstanding momentum. Despite decelerating at-home demand trends and extremely high cost inflation, we expect Latin America to continue to grow in quarter four, completing what has been a very strong year. And we'll finish our business review with AMEA and Slide number 38. Once again, we saw exceptional growth in this region. We generated organic net sales growth in Australia, led by cereal, and in Asia, driven by both cereal and snacks, despite COVID-related production restrictions on Pringles for much of the quarter.
The biggest start in the quarter was Africa, where we are generating double-digit growth in both volume and in price/mix. The top line growth was strong enough to overcome double-digit cost inflation, delivering operating profit growth. As we look to the fourth quarter, we expect to see continued top line momentum and bottom line growth in AMEA despite cost inflation and supply challenges. Allow me to wrap up with a brief summary on Slide number 40. Our portfolio is in good shape. Our world-class brands have great momentum and our emerging markets businesses continue to exceed even our expectations. The result is strong top line momentum. We're taking action to mitigate the profit impact of what is the highest cost inflation we've seen in a decade or more. To do that, we are executing productivity initiatives.
We are being disciplined on overhead and selective on brand investment, and we are carefully executing all levers of revenue growth management. Bottlenecks and shortages are ramping across the economy right now, and we are experiencing our own particular labor and supply disruptions. However, we are managing well through these difficult supply conditions. Our people are demonstrating why they are a competitive advantage, going the extra mile to supply the market when everything, procurement, manufacturing, shipping is more challenging now than ever. And in the end, we expect to remain on our path of balanced financial growth. We've delivered on it so far this year, and we are reaffirming our full year guidance today even in spite of the current operating environment. I want to commend and thank our entire organization for their dedication and grit, and for finding a way to deliver on our commitments in what is obviously an unusual environment.
And with that, we'd be happy to take any questions you might have.
