Private Label Sales Hit Record Highs In First Half
The sales momentum seen across private label in recent years continued in the first half of 2024, according to new figures from Circana and released by the Private Label Manufacturers Association (PLMA).
As of June 16, 2024, private label unit market share was 22.9% with dollar market share sitting at 20.4%. Both figures are all-time highs, according to PLMA.
“These record highs in market shares illustrate the ‘Store Brands Phenomenon’ sweeping the retail industry across all channels, departments, and categories,” said Peggy Davies, president of PLMA.
The improved market shares came from store brands' 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, store brands increased by 2.5%, while national brands dropped by 0.8%.
Total store brand sales for the six months were $121 billion; national brand sales were $472 billion.
Nine of the 10 categories tracked by Circana for PLMA showed dollar sales gains for the 52 weeks that ended June 16. The Beauty category was up 10%, followed by Liquor (+8.8%), General Food (+6.9%), Home Care (+6.8%), Pet Care (+5.8%), Beverages (+4.3%), Frozen (+2.9%), General Merchandise (+2.2%), and Home (+1.7%). The refrigerated category was down 0.7%.
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 annual sales record.
The strong performance of private label through the first half will be discussed during Store Brands State of the Industry Webinar Q3 on Friday, July 26. Teaming with PLMA, MaryEllen Lynch, principal with Circana, will provide an in-depth look at the continued growth seen across the private label industry.
