Report Summary

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

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 tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

Below is a sample report, understand what you are buying.

Click to show report

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.

Trusted by companies. Big and small.

Bell Logo - Mintel client
Boots Logo - Mintel Client
Kelloggs Logo - Mintel client
Samsung Logo - Mintel client
Nike Logo - Mintel client
Walgreens Logo - Mintel client

Want to speak to us directly?

Contact us on via phone or fill out a form with your enquiry.

Contact Us