This audio is generated automatically. Please let me know if you have any comments.
Diving overview:
- Private label sales hit a new high last year, hitting $271 billion, according to Circana data cited by the Private Label Manufacturer Association.
- Sales increased by 3.9% compared to 2023.
- According to the report, private label sales growth outpaced domestic brand growth, which increased by 1% year-on-year.
Dive Insights:
PLMA said all 10 food and non-food departments tracked by Circana recorded year-over-year private brand dollar growth.
The report said the highest growth was seen in the refrigerated food, general food and beverage sectors. Circana’s data shows that refrigerated foods are up 7.5%, while the latter two categories both see growth of about 4%.
Major retailers are accelerating sales growth by launching new store brands. Last year, Walmart Introduced its own brand line of groceries. Amazon called Bettergoods Discount brand launch Called Amazon Saver and Kroger Launch of agricultural product brandFields & Vine.
Sales growth in 2024 continues the trend of increasing PB (Private Brand) sales in recent years. Own brand sales by 2023 Achieved $236 billionIt increased by about 5% compared to the previous year.
The report noted that annual private brand sales have increased by almost a quarter over the past four years.
Since 2021, unit sales for store brands have increased more than 2%, while domestic brands have decreased nearly 7%. Sales growth in 2024 demonstrates the value store brands provide to customers, the report noted.
“The quality, value and innovation that store brands offer cannot be beat,” PLMA President Peggy Davies said in a statement.
