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.
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.
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.
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.
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
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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