Supermarket Perimeter - June 2023 - 16

Bakery
PRIVATE
LABEL
By Jennifer Barnett Fox
PROPELLED BY DATA-DRIVEN INSIGHTS AND INNOVATION, private
label products hold the potential to differentiate through surprise and
delight while building customer loyalty and competitive advantage.
Several years ago, private label and store brands received an
unexpected bump. While these products have always held important
real estate on grocery store shelves, supply chain shortages prompted
more consumers to experiment with things they might not have
previously considered. Since the pandemic, nearly 40% of US
consumers have tried new products or brands, according to McKinsey &
Co. Consulting, New York.
In 2020, private label products saw unprecedented double-digit dollar
gains of 19.5%, according to the Private Label Manufacturers Association
(PLMA), New York. By the end of 2022, PLMA calculated annual store
brand sales increased 40% over a five-year period. These double-digit
gains continued through the first quarter of 2023, according to Circana,
formerly IRI and NPD, Chicago.
As of Q1 2023, growth of private label is up in dollar sales 10.3%
across items and channels, twice the gain of national brands, which
grew 5.6%, according to Circana. Double-digit gains in store-brand sales
included several fresh departments with bakery at 17%. In bakery, 57%
of sales were generated by manufacturer brands in the first quarter of
2023 with sales up 6.1% versus a year ago. Store brands, while lower in
sales, increased 17% year-on-year in the first quarter.
With this traction, many believe private labels once again have the
potential to achieve great things, but these products currently stand at
an important crossroads. Better-stocked shelves mean consumers have
ready access and a clear choice between national and store brands.
For this reason, retailers will need to step up their private-label game
by defining and refining the product's value proposition. These steps
will be necessary to propel private label purchases from a short-term
switching behavior to a long-term purchase decision.
16 - JUNE 2023
supermarketperimeter.com
Nelea Reazanteva, GCapture, fascinadora - stock.adobe.com
http://www.supermarketperimeter.com

Supermarket Perimeter - June 2023

Table of Contents for the Digital Edition of Supermarket Perimeter - June 2023

Supermarket Perimeter - June 2023 - Intro
Supermarket Perimeter - June 2023 - 1
Supermarket Perimeter - June 2023 - 2
Supermarket Perimeter - June 2023 - 3
Supermarket Perimeter - June 2023 - 4
Supermarket Perimeter - June 2023 - 5
Supermarket Perimeter - June 2023 - 6
Supermarket Perimeter - June 2023 - 7
Supermarket Perimeter - June 2023 - 8
Supermarket Perimeter - June 2023 - 9
Supermarket Perimeter - June 2023 - 10
Supermarket Perimeter - June 2023 - 11
Supermarket Perimeter - June 2023 - 12
Supermarket Perimeter - June 2023 - 13
Supermarket Perimeter - June 2023 - 14
Supermarket Perimeter - June 2023 - 15
Supermarket Perimeter - June 2023 - 16
Supermarket Perimeter - June 2023 - 17
Supermarket Perimeter - June 2023 - 18
Supermarket Perimeter - June 2023 - 19
Supermarket Perimeter - June 2023 - 20
Supermarket Perimeter - June 2023 - 21
Supermarket Perimeter - June 2023 - 22
Supermarket Perimeter - June 2023 - 23
Supermarket Perimeter - June 2023 - 24
Supermarket Perimeter - June 2023 - 25
Supermarket Perimeter - June 2023 - 26
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Supermarket Perimeter - June 2023 - 28
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Supermarket Perimeter - June 2023 - 33
Supermarket Perimeter - June 2023 - 34
Supermarket Perimeter - June 2023 - 35
Supermarket Perimeter - June 2023 - 36
Supermarket Perimeter - June 2023 - 37
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