U.S. private label grocery spending is 20% of the total market and projected to rise to 24% by 2030, according to “Accelerate Your Private Brand Journey to Win with Customers and Shareholders,” a report by global professional services firm Alvarez & Marshal.
The report highlights the private label approach of market leaders:
- Treat private label with the same attention and detail as national brands.
- Year-round commitment to stand behind store brands with promotions, etc.
- Marketing and branding efforts that elevate private label, increasing visibility and customer awareness.
- Continuous investments to build private label capabilities, such as innovation centers, data-analytics and trend spotting.
- Unique or innovative approach to sourcing, including vertical integration, joint ventures and exclusive partnerships.