Store brand sales in the United reached all-time highs in both unit and dollar share during the first six months of 2024, compared to the same period a year ago, according to new Circana sales data provided exclusively to New York City-headquartered Private Label Manufacturers Association (PLMA).
Overall unit market share was 22.9% and dollar market share was 20.4%, as of June 16. Frozen food sales rose +2.9% during the period, while the refrigerated food segment slipped a nominal 0.7%. It was the only category to experience a downturn.
The Beauty department improved the most, up 10%. This result was followed by Liquor (+8.8%), General Food (+6.9%), Home Care (+6.8%), Pet Care (+5.8%) and Beverages (+4.3%). General Merchandise posted a +2.2% gain., and the Home department was up +1.7%.
The improved market shares came on the strength of store brands’ superior performance at checkout versus national brands. Private label dollar sales were up 2.3%, vs. a gain of 1.1% for national brands. In unit sales, the difference was even greater: store brands increased by 2.5%, while national brands dropped 0.8%.
Total store brand sales for the six months were $121 billion; national brand sales were $472 billion.
“These record highs in market shares illustrate the ‘Store Brands Phenomenon’ that’s sweeping the retail industry across almost all channels, departments and categories,” said PLMA President Peggy Davies.
PLMA estimates that if sales continue at the current rate for the balance of the year, total store brand revenue for 2024 will exceed a quarter trillion dollars, setting a new record for annual sales.
