Private label products witnessed a 4.7% increase in dollar sales to $236.3 billion in 2023 compared to 2022, according to PLMA’s 2024 Private Label Report. Sales increased by $10.1 billion between 1 January to 31 December 2023, compared to the preceding year, according to the European Supermarket Magazine.
The performance of store brands exceeded national brands, which grew 3.4% in dollar sales, the study noted. Compared to 2019, annual store brand dollar sales increased by $60.2 billion in 2023, registering a 34% increase. Store brand dollar share rose 1.2 points to a record 18.9%, PLMA noted. During the four years, store brand unit sales were ahead by 500 million, and unit share improved by 0.8 points to 20.7% – also a new high.
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“Overall, the industry is healthier than ever,” PLMA president Peggy Davies stated in the report. “One of every five food or non-food grocery products sold across the US carries the retailer’s name or own brand and was supplied by a store brand manufacturer.”
Nine out of 10 categories showed growth over the year before, according to the report. The highest year-on-year growth was seen in beauty (+0.5%); general food (+10%); beverages (+8.9%); home care (+8.7%); frozen, (+4.4%); and general merchandise (+4%).
Last year, a study from Barclays revealed that the private label segment is gaining share in 80% of grocery categories, with store brands seeing the most momentum in the Drinking Yoghurt, Detergent, and Ice Cream categories in the EU, and the Disinfectant and Water categories in the US.