Beauty Leads Growth as Store Brands Continue To Soar in 2024

Store brands reached all-time highs in both unit and dollar share during the first six months of 2024, compared to the same period a year ago, according to new Circana sales data provided to the Private Label Manufacturers Association (PLMA).

Unit market share was 22.9% and dollar market share was 20.4%, as of June 16.

“These record highs in market shares illustrate the ‘Store Brands Phenomenon’ that’s sweeping the retail industry across all channels, departments and categories,” said PLMA President Peggy Davies.

The improved market shares came on the strength of store brands’ superior performance at checkout versus national brands. Store brand dollar sales were up 2.3%, vs. a gain of 1.1% for national brands. In unit sales, the difference was even greater: store brands increased by 2.5%, while national brands dropped 0.8%. 

Total store brand sales for the six months were $121 billion; national brand sales were $472 billion.

PLMA estimates that if sales continue at the current rate for the balance of the year, total store brand revenue for 2024 will exceed a quarter trillion dollars, setting a new record for annual sales.

Rising Beauty and Home Care Performance

Circana tracks 10 individual product departments for PLMA; and nine of the departments posted dollar sales gains for the 52 weeks ending June 16.

The beauty department improved the most, up 10%. Following was liquor (+8.8%) and general food (+6.9%).

Circana data for the first half showed home care rose 6.8%.

Pet care (+5.8%), beverages (+4.3%), frozen (+2.9%), general merchandise (+2.2%), and home (+1.7%) departments also posted gains. Refrigerated slipped, but it was a nominal minus 0.7%, according to Circana data.