For most shoppers, store brands represent quality and performance as good as or better than national brands, while offering substantial savings. As a result, store brands have never been more popular.
According to the latest industry statistics, nearly one of every four food or non-food grocery products sold across the U.S. carries the retailer’s name or own brand and was supplied by a store brand manufacturer.
In 2023, store brand sales rose 4.7%, while national brands were ahead 3.4%. Annual store brand dollar volume increased by $10.1 billon, setting a new record of $236 billion for sales in all channels and formats.
Store brand dollar share came in at 18.9%, up 0.2 points from 18.7% in 2022; unit share was 20.7%, up 0.5 points from 20.2%. Taking a longer view, over a five-year period ending in 2023, annual store brand sales increased by 41%.
Growth has continued this year. During the first ten months of 2024, store brand dollar sales rose 3.8%, outpacing national brands, which were up 1%. In unit sales, store brands also outperformed their counterparts, increasing 2.5% while national brands declined 0.7%.
Store brands are finishing the year strong. In the month of September alone dollar sales gained 5.7%, the highest monthly increase in 2024, and since July store brand sales have gained 5% overall.
In the ten departments Circana tracks for PLMA, during the 52 weeks ending October 6, store brand dollar sales rose in all of them and store brand unit sales increased in all but one.
Based on the ten month data, PLMA is projecting sales for all of 2024 will surpass a quarter trillion dollars, setting a record for annual revenue.