Private Label Sets New Market Share Records in First Half of 2024
Store brand dollar sales increased nearly three times the rate of national brands.
Store brands 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 PLMA.
Unit market share was 22.9% and dollar market share was 20.4%, as of June 16.
“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.
The improved market shares came on the strength of store brands' superior performance at checkout versus national brands. Store brand 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.
Results in the 10 individual product departments that Circana tracks for PLMA show nine of the departments posted dollar sales gains for the 52 weeks ending June 16. The Beauty department improved the most, up 10%; followed by Liquor (+8.8%), General Food (+6.9%), Home Care (+6.8%), Pet Care (+5.8%), Beverages (+4.3%), Frozen (+2.9%), General Merchandise (+2.2%), and Home (+1.7%). Only Refrigerated slipped, but it was a nominal minus 0.7%.
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.
About PLMA
The Private Label Manufacturers Association (PLMA) is a non-profit trade organization founded in 1979 to promote the store brands industry. With executive offices in New York and International Council offices in Amsterdam, PLMA represents more than 4,500 member companies worldwide. In addition to the Annual Private Label Trade Show in Chicago and its World of Private Label International Trade Show in Amsterdam, PLMA provides annual conferences, executive education and professional development opportunities.
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