Store Brands Achieve Record Sales of $271 Billion in 2024 Amid Growing Popularity

Record-Breaking Sales for Store Brands in 2024

In a significant development for retail, store brand sales surged to a remarkable $271 billion in 2024, marking an impressive increase of $9 billion compared to the previous year. This data, released by the Private Label Manufacturers Association (PLMA), highlights the growing consumer preference for private label products over national brands.

The announcement coincides with the launch of Store Brands Month, a celebration that recognizes the diversity and quality of store brands available across various retail channels. According to PLMA President Peggy Davies, this year witnessed an impressive 3.9% growth in dollar sales from January 8 to December 29, 2024, compared to the same period in 2023. Notably, this growth outpaced that of national brands, which only saw a 1% increase.

The trend over the past four years has been robust; store brand dollar sales have escalated by over $51 billion, translating to an overall increase of 23.6%. Interestingly, while store brand unit sales climbed by 2.3% since 2021, national brands experienced a decline of 6.8%.

The data reflects an upward trajectory across various categories, with all 10 food and nonedible segments tracked by Circana reporting positive growth. Categories such as Refrigerated items, General Food, and Beverages demonstrated particularly high growth rates of 7.5%, 4.3%, and 4% respectively, in dollar sales. Meanwhile, unit sales saw significant increases in Beverages, Pet Care, and Home Care, each registering growth around 3.5% to 3.3%.

As the popularity of private label products continues to grow, retailers are poised to innovate and enhance the quality of their offerings, further solidifying their position in the market.