Circana data is showing private label brands year over year growth has outperformed national brands in dollars and units for the first half of 2024. PLMA and Circana noted private label brands make up 23% of unit market share and 20% of dollar share as of June 16th, 2024. If this purchasing pattern continues through the end of 2024 PLMA estimates private label sells could surpass a quarter trillion dollars.
National brands sales at 472 billion are still four times the 121 billion private label produces. Circana data shows private label brands are growing at a faster pace than national brands and have had a large uptick in popularity. Private label brands are showing an overall increase of 2.3% in dollars and 2.5% in units while national brands are showing a 1.1% dollar increase and are down 0.8% in units.
PLMA President Peggy Davies stated Circana data showcases the phenomenon of store brands “sweeping the retail industry across all channels, departments and categories.”
Nine of ten departments measured by Circana for PLMA showed private label growth over the past 52 weeks. Health and beauty departments showed the highest increase at 10%, followed by liquor and general food, up 8.8% and 6.9%, respectively. Refrigerated was the only department to show a decline of 0.7%.
FMI — The Food Industry Association indicated private label brands are poised to keep their momentum. Nearly half of shoppers surveyed (46%) said they plan to buy somewhat or much more private label brands over the next year, compared to 27% who said the same for name brands.
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