Mondelez International

We assess multiple durable moat sources anchored in brands and scale. Intangible assets: very strong.

Oreo, Cadbury Dairy Milk, Milka, Toblerone, Ritz, LU and local jewels command premium shelf space and high awareness across regions; 2024 net revenues were 36.4 billion dollars with biscuits and baked snacks at 17.8 billion and chocolate at 11.2 billion, underscoring brand breadth and relevance.

Score 90. Cost advantages: global procurement, manufacturing footprint and productivity programs provide unit-cost benefits, visible in pre-shock gross margins and ability to price through inflation over 2022-2024; despite 2025 headwinds, structural scale remains.

Score 75. Switching costs: low in a strict sense, but habit formation, taste preferences and promotional ecosystems create behavioral stickiness; retailer planogram commitments add friction. Score 60. Network effects: minimal in classic sense.

Score 5. Efficient scale: category leadership and shelf economics deter local entrants and support advantaged trade terms; concentrated retail customers can pressure, but incumbency helps.

Score 70. Weighted blend (brand 45%, cost 25%, efficient scale 20%, switching 8%, network 2%) yields 84. Key erosion paths: sustained private-label trade-up if price gaps stay wide, retailer consolidation, regulatory sugar taxes, and prolonged commodity spikes that narrow branded price-value.

Evidence base: MDLZ 2024 Form 10-K category and regional data; 2025 Q3 and Q2 releases show pricing resilience despite volume softness.