Private Label Prominence
Private labels are becoming increasingly competitive with name brands in terms of quality and branding, and are expected to capture the highest market share in the U.S. in 2023. This is due to consumer preference for cheaper options and improved product launches by retailers, which have led to a potential rise in private label market share from 18.6% to near 25%.
This trend originates from the report:
VERICAST - Predictions & Trends 2028
S. In our survey, 31% of people said they are buying more store brand products to save money while 30% said they are switching to less expensive brands. This trend will be interesting to watch in 2023.
Private labels currently hold an 18.6% share and can potentially rise close to 25% in light of shoppers’ inflation concerns and increasingly impressive private brand product launches by retailers..