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Packaged Food Private Label Market Report 2024: Insights & Trends
Packaged Food Private Label Market Report
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According to The Business Research Company's, The packaged food private label market size has grown strongly in recent years. It will grow from $28.40 billion in 2023 to $30.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to improved quality and alignment with consumer preferences, increasing emphasis on sustainability, collaborations between retailers and manufacturers or local, evolution in retail formats such as convenience stores, and diversification into premium segments.
The packaged food private label market size is expected to see strong growth in the next few years. It will grow to $38.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increased consumer trust in private label brands, expansion into premium segments, increasing consumer interest in health-conscious and organic products, increasing consumer interest in health-conscious and organic products, and influence of social media platforms in promoting private label products. Major trends in the forecast period include the growth of e-commerce platforms, development of unique private label products, adoption of advanced technologies in packaging, investment in research and development to innovate new private label products, and launching educational campaigns to inform consumers.
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Market Drivers and Trends:
The growth of online shopping and e-commerce platforms is expected to propel the growth of the packaged food private label market going forward. Online shopping and e-commerce platforms are rising due to increased convenience, a broader selection of products, and advancements in digital technology. Online shopping and e-commerce platforms facilitate the growth of packaged food private labels by offering greater accessibility, diverse product ranges, and competitive pricing to a broad consumer base. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the first quarter of 2024, U.S. retail e-commerce sales, reached $289.2 billion, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Therefore, the growth of online shopping and e-commerce platforms is driving the growth of the packaged food private label market.
Major companies operating in the packaged food private label market are focusing on developing advanced products, such as sustainable private food labels, to gain a competitive edge in the market. Sustainable private food labels refer to private label food products that prioritize sustainability throughout their lifecycle-from sourcing raw materials to production, packaging, distribution, and disposal. For instance, in October 2023, Giant Eagle, Inc., a US-based supermarket chain, relaunched its private label brand, Nature's Basket, with a strong focus on sustainability. This initiative is aligned with the increasing consumer demand for products that prioritize environmental, social, and governance (ESG) attributes. The relaunch includes a commitment to using responsibly sourced, high-quality ingredients across all Nature's Basket products, giving customers confidence in the quality and ethical implications of their purchases.
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Major Key Players of the Market:
Walmart Inc, Costco Wholesale Corporation, ALDI, Ahold Delhaize, Carrefour, Dollar General, Trader Joe's, Wegmans Food Markets, Giant Eagle, EDDY FOODS INC., Gehl Foods LLC, Giraffe Foods Inc., Giovanni Food Company Inc., GOOD FOOD GROUP A/S, Family Dollar, Fibro Foods, A&Y Food Industries, Aditifoods, Candor Foods Pvt. Ltd., Mahaan Milk Foods Ltd., Pemberton's Gourmet Foods, Taylor Gleason Enterprises
Packaged Food Private Label Market 2024 Key Insights:
• The packaged food private label market size is expected to see strong growth in the next few years. It will grow to $38.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Growth Of Online Shopping And E-commerce Platforms Propelling The Growth Of Packaged Food Private Label
• Sustainable Initiatives In Packaged Food Private Labels
• Europe was the largest region in the packaged food private label market in 2023
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