A 2019 IRI Consumer Connect Survey found that “private brand dollar sales grew 3.8% in 2019, twice the rate of national brands.” And during the pandemic, private label brands continue to outperform national brands while posting double-digit sales growth. Long-held beliefs that private label products are not as good are gone, and store brands now set the trends instead of following them.
Although grocers aspire to store brand innovation that keeps pace with evolving consumer preferences, it not easy to achieve. Private label brand owners that can respond quickly to market shifts due to agile product development processes and effective supply chain partners are far more likely to succeed.
Listen as Mel Bandler, Brand Retail Sustainability Manager at Fair Trade USA, and TraceGains discuss what trends grocery-label brands can expect for the upcoming year and how to overcome challenges to outpace the competition.
Consumer and market trends to expect in 2021
The latest innovations to remain competitive