Private Label Brands Reached Record Dollar Sales in 2023
NEW YORK — Sales of store brands increased $10.1 billion to a record $236.3 billion last year compared to 2022, according to a new report from the Private Label Manufacturers Association (PLMA).
The "2024 Private Label Report," released in conjunction with Circana, found a 4.7% rise in dollar sales for private labels from all outlets between Jan. 1 and Dec. 31, 2023 vs. the same period the prior year. Store brands bested national brands, which grew 3.4% in dollar sales.
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Compared to 2019, annual store brand dollar sales in 2023 increased by $60.2 billion, a 34% gain. Store brand dollar share also rose 1.2 points to a record 18.9%. During the four-year period, store brand unit sales were ahead by $500 million and unit share improved 0.8 points to 20.7%, also a new high, according to the report.
The PLMA believes the results show that today's consumers are directing more of their budgets to private label items, the association stated.
"Overall, the industry is healthier than ever," said PLMA President Peggy Davies. "One of every five food or nonfood grocery products sold across the United States carries the retailer's name or own brand and was supplied by a store brand manufacturer."
According to the report, nine out of 10 departments that Circana tracks continued to show growth over the year before. The sole outlier was tobacco, which continued to trend downward overall.
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Departments with the highest dollar sales growth over 2022 were:
- Beauty, up 10.5%
- General food, up 10%
- Beverages, up 8.9%
- Home care, up 8.7%
- Frozen, up 4.4%
- General merchandise, up 4%
The annual report analyzes store brand and national brand sales in unit and dollar sales in key categories. It is based on sales figures from the PLMA/Circana Unify+ market data portal.
The full report may be found here.
Founded in 1979, the Private Label Manufacturers Association is a nonprofit trade organization which promotes the store brands industry. With executive offices in New York and international council offices in Amsterdam, the PLMA currently represents more than 4,500 member companies worldwide and provides its members with annual conferences, executive education programs and professional development opportunities.