Food and drinks brands helped to boost private-label growth in the US in the first half of 2024, according to new findings from the Private Label Manufacturers Association (PLMA).
The data, compiled by consumer behaviour advisor Circana, found own-label brands, including food, drinks and other FMCG products, booked record high unit and dollar market share in the first six months of the year.
To the six months ended 16 June, private-label unit market share sat at 22.9% while dollar market share was 20.4%.
Own-label dollar sales, which include food, drinks as well as other FMCG products reached $121bn in the first six months of 2024, a 2.3% increase year-on-year. National brand sales in contrast saw lower growth of 1.1%, reaching $472bn.
In terms of unit sales, private-label booked 2.5% growth while national brands saw a 0.8% decline.
“These record highs in market shares illustrate the ‘store brands phenomenon’ that’s sweeping the retail industry across all channels, departments, and categories,” PLMA president Peggy Davies said in a statement.
In the 52 weeks ending 16 June, own-brand general food sales were up 6.9% to $50.8bn, according to the findings. Store-branded alcoholic beverage sales grew the most at 8.8% to $50.8m, while store-branded beverages sales were up 4.3% compared to the same period in 2023, at $14bn.
The frozen category saw private-label sales increase 2.9%, while own-brand refrigerated sales saw a 0.7% dip.
If sales continue to grow at the same rate for the rest of the year, the PLMA predicted that own brand revenues for FMCG products in 2024 could go above $250bn.
