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Store Brands Set New Market Share Records In US In First Half

Store Brands Set New Market Share Records In US In First Half

Private label sales reported new records in unit and dollar share in the United States in the first half of 2024, compared to the same period last year.

As of 16 June, the unit market share of private labels stood at 22.9%, while the dollar market share stood at 20.4%, according to data provided by Circana to PLMA.

“These record highs in market shares illustrate the ‘Store Brands Phenomenon’ that’s sweeping the retail industry across all channels, departments and categories,” said PLMA president, Peggy Davies.

Total store brand revenue for 2024 is expected to exceed a quarter of a trillion dollars – setting a new record for annual sales – if sales continue at the current rate for the rest of the year, according to PLMA’s estimates.

Total store brand sales for the first six months of the year stood at $121 billion (€111.5 billion), while national brand sales were $472 billion (€434.9 billion).

Growth Drivers

The increase in market shares was driven by the ‘strong’ performance of store brands at the checkout compared to national brands, PLMA said.

Store brand dollar sales were up 2.3%, compared to a gain of 1.1% for national brands.

In terms of unit sales, the difference was even greater, with store brands growing by 2.5% and national brands declining by 0.8%.

Category Performance

Circana tracks 10 individual product categories for PLMA to evaluate the performance of store brands.

In nine categories out of 10, store brands posted dollar sales gains in the 52-week period to 16 June 2024, its data showed.

The highest growth was seen in the beauty category (+10%), followed by liquor (+8.8%), general food (+6.9%), and pet care (+5.8%).

Other categories that saw an increase include beverages (+4.3%), frozen (+2.9%), general merchandise (+2.2%), and home (+1.7%).

The only category that witnessed a nominal decline of 0.7% was refrigerated products, the data showed.

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