2024
9
US Private Label Food and Drink Market Report 2024
2024-05-08T23:02:36+01:00
REP9113477D_7A4D_4327_99C6_61BC5789A6C6
3695
172873
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Report
en_GB
Elevated food prices have spurred private label gains, but sustaining growth will take more than just competitive prices. John Owen, Associate Director - Food and Retail…

US Private Label Food and Drink Market Report 2024

£ 3,695 (Excl.Tax)

Report Summary

Shoppers have an increasingly positive perception of store brands, as the private label food and drink sector gains momentum. This presents an opportunity for retailers to make further gains and drive engagement. With this report, you can gain a data-backed understanding of your market and consumer.

Below, we’ve provided a summary of the core topics analyzed and hand-selected findings from the full report document.

Core Topics Analyzed

  • Private label food and drink sales and share and trends.
  • Market factors impacting private label food and drink’s growth potential.
  • Consumer attitudes and behaviors toward private label food and drink.
  • Top competitors and innovators.

US Private Label Food and Drink Market Overview

Private label food and drink sales in multi-outlet channels continued to increase in 2023, rising over 6%. While there is financial unease and budget pressure, consumers have appreciated the savings that private label offers. As a result, private label food and drink sales as a portion of overall food and drink sales have increased with Mintel forecasting growth through 2024-2028.

Private Label Food and Drink Consumer Insights

Financial situation can impact product choice

US consumers show an openness to private label food and drink products regardless of their financial situation. Those facing financial constraints are particularly drawn to store brands for their cost savings, but even consumers who are financially comfortable are open to store brands, suggesting that differentiation beyond price could attract this segment.

Different demographics have different preferences

Younger consumers, aged 18-34, are interested in private label products that offer more than just cost savings. They are attracted to concepts that provide flavor exploration and sustainability, indicating that private label brands that innovate beyond price competitiveness can appeal to this demographic.

Buy the full report today for critical private label food and drink insights.

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Expert Analysis

Leading food and retail analyst John Owen delivers expert industry insights with this in-depth report.

Elevated food prices have spurred private label gains, but sustaining growth will take more than just competitive prices.

John Owen, Associate Director, Food and Retail
John Owen
Associate Director, Food and Retail

Table of Contents

  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Market size and forecast
    • Market predictions
    • Opportunities
  2. Market Dynamics

    • Market context
    • Market drivers
    • Consumers remain uneasy about their finances, motivating many to look for ways to save on food
    • Only modest improvement in recent months in consumers' view of their personal finances
    • Graph 1: assessment of personal financial situation, 2022-24
    • Still, a positive view of the future
    • Graph 2: opinions on financial future, 2023 and 2024
    • Food inflation eases, but prices remain elevated
    • Market size and forecast
    • Lingering financial pressure helps keep private label on a growth track
    • Retail sales and forecast of private label food and drink
    • Private label share of multi-outlet food and drink sales
    • Graph 3: private label share of total multi-outlet sales of private label food and drink, 2018-23
    • Market segmentation
    • Retail sales of private label food and drink, by segment
    • Graph 4: total multi-outlet sales of private-label food and drink, by segment, at current prices, 2018-23
    • Food leads drink in private label share growth
    • Graph 5: private label share of multi-outlet food and drink sales, by segment, 2018-23
    • Private label gains across the board in food
    • Graph 6: private label share of multi-outlet food sales, by sub-segment, 2018-23
    • A small decline in milk offsets private label gains in other major drink categories
    • Graph 7: private label share of multi-outlet drink sales, by sub-segment, 2018-23
  3. Consumer Insights

    • Consumer fast facts
    • Brand preference by category
    • Openness to private label substantial across food and drink categories
    • Brand preference by category
    • Opportunities for store brands exist across age groups
    • Graph 8: brand preference by category – prefer store brands or no preference, by age, 2023
    • Financial uncertainty feeds openness to private label, but opportunities exist at all levels
    • Graph 9: brand preference by category – prefer store brands or no preference, by personal financial situation, 2023
    • Food and drink choice factors
    • Cost is important, but taste is essential
    • Graph 10: food and drink choice drivers, 2023
    • Financial pressure forces some to compromise on health
    • Healthfulness gives way as cost pressure rises
    • Graph 11: food and drink choice drivers, by personal financial situation, 2023
    • Changes in budget-related shopping behaviors
    • Amid a variety of budgeting tactics, store brands can serve as way to simplify the task of saving money
    • Graph 12: changes in budget-related shopping behaviors – more than a year ago, 2023
    • Those struggling financially more likely to trade down
    • Graph 13: changes in budget-related shopping behaviors – more than a year ago, by personal financial situation, 2023
    • Private label shopping behaviors
    • Price comparisons are popular, but younger shoppers look for more
    • Graph 14: private label shopping behaviors, by age, 2023
    • Interest in private label concepts
    • Continued interest in national brand equivalents reflects a strong focus on savings
    • Graph 15: interest in private label concepts, 2023
    • Younger shoppers gravitate to more differentiated concepts
    • Graph 16: interest in private label concepts, by age, 2023
    • Attitudes toward private label food and drink
    • Store brands can play a key role in conveying overall retailer quality
    • Graph 17: attitudes toward private label food and drink – quality perceptions, by brand preference, 2023
    • Store brand trial can be a matter of breaking habits
    • Graph 18: attitudes toward private label food and drink – trial and satisfaction, by brand preference, 2023
  4. Innovation and Marketing Trends

    • Launch activity and innovation
    • Ethical and sustainability claims are on the rise, but store brand still trail name brands
    • Private label still trails name brands in ethical and sustainability claims
    • Graph 19: incidence of select on-pack ethical/sustainability claims on food and drink launches, private label vs branded, 2023-24
    • Private label products making ethical and sustainability claims
    • Private label trails name brands in plant-based claims
    • Graph 20: incidence of select on-pack plant-based and retailed claims on food and drink launches, private label vs branded, 2023-24
    • Private label products making plant-based and related claims
    • Innovating around convenience
    • Moving beyond national-brand equivalents to achieve differentiation
  5. Appendix

    • Market definition
    • Consumer research methodology
    • Generations
    • Abbreviations and terms
    • Forecast methodology
    • Forecast fan chart methodology
    • Inflation-adjusted sales of private label food and drink
    • Sales of private label food at current prices
    • Inflation-adjusted sales of private label food
    • Sales of private label drink at current prices
    • Inflation-adjusted sales of private label drink

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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