02.27.24
Sales of store brands increased $10.1 billion to a record $236.3 billion in 2023 compared to 2022, according to a new report from the Private Label Manufacturer’s Association.
That represents a 4.7% rise in dollar sales in all outlets from Jan. 1 to Dec. 31, 2023, versus the same period the prior year, the report states.
Store brands bested national brands, which grew 3.4% in dollar sales.
Compared to 2019, annual store brand dollar sales in 2023 increased by $60.2 billion – a 34% gain. Store brand dollar share rose 1.2 points to a record 18.9%. During the four-year period, store brand unit sales were ahead by 500 million and unit share improved 0.8 points to 20.7%, also a new high.
Private Label Items Are Priority For Consumers
The annual report analyzed store brand and national brand sales in unit and dollar sales in key categories. It is based on sales figures from the PLMA/Circana Unify+ market data portal.
The results show that today’s consumers are directing more of their budgets to private label items.
"Overall, the industry is healthier than ever," said PLMA President Peggy Davies. "One of every five food or non-food grocery products sold across the U.S. carries the retailer’s name or own brand and was supplied by a store brand manufacturer."
According to the report, nine out of 10 departments that Circana tracks are showing growth over the year before.
Departments with the highest dollar sales growth are beauty, up 10.5% versus 2022; and home care +8.7%.