NEW YORK, Jan. 29, 2024 /PRNewswire/ — The private label food and beverages market is set to grow by USD 183.04 billion from 2023 to 2028 progressing at a CAGR of 6.64% during the forecast period. The report offers an up-to-date analysis regarding the current global scenario, the latest trends and drivers, and the overall market environment. Europe is estimated to contribute 38% to the growth of the global market during the forecast period. Here is an Exclusive report talking about Market scenarios with a historical period (2018-2022) and forecast period (2024-2028). Download a Free Sample Report in minutes!
The market has become integral to consumers’ lifestyles, seen as a viable alternative to established brands. Demand for private labels is rising globally, especially in Europe, which has developed a robust model for these brands. Retailers are investing significantly in brand promotion and offering premium products across various price ranges, available through both online and offline channels. Leading companies like Carrefour SA, Edeka Zentrale Stiftung, Tesco Plc, and Schwarz Unternehmenskommunikation GmbH and Co. KG are driving this growth, reflecting changing consumer perceptions of private label products as credible substitutes for established brands.
Increasing dollar value share is notably driving the growth. The dollar value share of private label brands in food, beverages, and beauty and personal care products is significant. The US market sees robust growth, especially in food and beverages, driven by competitive pricing and availability. Factors like perceived quality and lower prices, exemplified by Kirkland Signature products from Costco Wholesale Corp., bolster this trend, instilling consumer confidence.
- Integration of technology to create a collaborative retail business network is an emerging trend shaping growth.
- The limited possibility of innovation by retailers is a significant challenge restricting growth.
The analysis includes Distribution Channel, Product, and geography landscape. This study identifies the increasing online presence of brands, expansion of private label brands into specialty products, and integration of technology to create a collaborative retail business network as one of the prime reasons driving the growth during the next few years.
- The offline segment is estimated to witness significant growth during the forecast period. Major offline distribution outlets in the US include supermarkets, hypermarkets, grocery stores, hard discount stores, dollar stores, and convenience stores. The rapid expansion of companies across the country drives this segment, with grocery and convenience stores offering additional services like virtual payments and off-premises ATMs, attracting a diverse consumer base. Hard discount stores, offering a single national brand alongside various private label versions at lower prices, provide enhanced shelf space and visibility for these products.
Companies Mentioned
- Aldi Stores Ltd.
- Amazon.com Inc.
- Carrefour SA
- Costco Wholesale Corp.
- Dollar General Corp.
- EDEKA ZENTRALE Stiftung and Co. KG
- Giant Eagle Inc.
- Giant of Maryland LLC
- Hy Vee Inc.
- Koninklijke DSM NV
- Reliance Industries Ltd.
- Schwarz Unternehmenskommunikation GmbH and Co. KG
- Sobeys Inc.
- Target Corp.
- Tata Sons Pvt. Ltd.
- Tesco Plc
- The Kroger Co.
- Trader Joes
- Walmart Inc.
- Wegmans Food Markets
- SouthEastern Grocers LLC
- United Natural Foods Inc.
- HEB LP
Amazon.com Inc: The company offers Vedeka, Solimo, Kitchen Cheer, and others.
Carrefour SA: The company offers Carrefour Bio, Carrefour Gourmet, Carrefour Quality line, Carrefour Veggie, and others.
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The Advantages
Private label food and beverages offer several benefits across the retail and consumer goods sectors. They provide retailers with the opportunity to establish their branding and unique packaging while offering consumers quality products at competitive prices. Manufacturers benefit from increased production and distribution opportunities, as well as the ability to customize products to meet consumer demands. Private label products also allow for better control over the supply chain and quality standards, fostering innovation and adaptation to market trends. Additionally, private label brands can respond to consumer preferences for organic, non-GMO, and sustainable practices, contributing to the overall health and wellness trends in the food and beverage industry. These advantages position private label brands to compete effectively in both established and emerging markets, thereby increasing market share and globalization opportunities.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Distribution Channel
Segmentation by Product
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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