Retail sales of private label products rose by around 2% in 2013, according to the latest Private Label Foods & Beverages in the US report, produced by Packaged Facts.
Total US sales of the overall private label food and beverage market were $102 billion in 2013 the report found. The total food and beverage market grew at 1.4% to reach $530 billion in 2013, with unit sales flat.
The report also noted that food accounts for 80% of overall private label unit and dollar sales. Total food private label sales are valued at around $80 billion.
'Private label growth has slowed from the last several years when consumers flocked to private label brands during the recession and its aftermath,' the report reads. 'Consumers sought out lower prices and greater value, and retailers responded with numerous introductions of their own brands.
'In many cases, retailers raised the quality of product and packaging to equal national brands, and leading retailers launched different private label brands to create portfolios offering consumers good, better, best and specialty product options. The most successful retailers have heavily marketed and promoted their private label brands as equal or superior alternatives to national brands.'
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones.
