Curated News
By: NewsRamp Editorial Staff
September 10, 2024
Private Label Market Set to Surge, Report Shows Grocers Need Clear Strategy
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- Top 4 Private Brand retailers had 144% stock price growth in past 5 years
- Private Brand products should be 30 to 50% less expensive than National Brands and provide same or better quality.
- Successful Private Brands can drive positive impact to retailers' overall banner brand perception.
- Private Label spending is 20% of total market, projected to rise to 24% by 2030
Impact - Why it Matters
This news matters because it sheds light on the increasing significance of Private Label brands in the retail industry, and how grocers need to adapt to the changing market dynamics to stay relevant and competitive. It impacts consumers as it highlights the potential for more affordable, high-quality products, and it impacts retailers as it emphasizes the need for a clear Private Brand strategy to drive performance improvement.
Summary
Alvarez & Marsal's Consumer and Retail Group has released a report on the accelerating Private Label market, projecting a rise to 24% of the total market by 2030. The report emphasizes the importance of a comprehensive Private Brand strategy for grocers to stay competitive and highlights key enablers to winning with private brands, including value perception, product innovation, margin management, brand development, and sustainable sourcing.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Private Label Market Set to Surge, Report Shows Grocers Need Clear Strategy
