What: Private brands have achieved record highs in unit and dollar shares during the first half of 2024.

Why it is important: This growth highlights the increasing consumer preference for store brands, indicating a shift in purchasing behaviour that could have long-term implications for both private and national brands.

According to data from Circana provided to the Private Label Manufacturers Association (PLMA), private brands have reached unprecedented levels in unit and dollar shares in the first half of 2024. Store brands now hold approximately 23% of the unit market share and 20% of the dollar market share as of mid-June, with a year-over-year growth in both units and dollar sales outperforming national brands. The Circana data suggests that if current trends continue, store brand revenues could exceed a quarter trillion dollars in 2024. The growth has been widespread across most product departments, with beauty, liquor, and general food showing the most significant increases.

Private brands reach new heights in 2024