After a boom in growth in the early 2000s, the private-label consumer packaged goods (CPG) market has experienced stagnant growth since 2015, according to market research experts. Although the private-label beverage market has maintained its share of the market — and even experienced some growth — experts say that the market is expected to grow at low rates.
During the recession, the countercyclical discount retail channel experienced years of growth, even to the point of becoming one of the fastest-growing retail channels during the time period, according to “Dollar & Variety Stores in the US,” an April 2014 report by IBISWorld.
National brands showing momentum in drug stores; private label standing out in mass/supercenter channel
January 20, 2015
During the recession, private-label products enjoyed increasing popularity as consumers looked for new ways to save on everyday purchases during the economic downturn. In fact, U.S. consumers spent $120 billion on private-label products during the past year, marking a year-over-year increase of 2.1 percent, according to Chicago-based Information Resources Inc. (IRI). However, this growth now seems to be leveling off, and this small uptick was largely driven by price increases, it reports.
When consumers shopped the aisles of different retail channels during the past couple of months as they prepared for the holidays, product assortments and even store environments probably started to seem the same after a while.
Although many private-label brands have moved beyond the “me-too” positioning for which they were once known, the private-label beverage segment still is struggling to keep up with the rest of the beverage market as consumers' needs and wants have evolved.
For decades, consumers have strived to live by the unofficial rule of drinking eight glasses of water a day. Although this mantra is well-known throughout the United States, many consumers don’t drink as much water as they should. However, that has begun to change in recent months.
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The January 2017 issue of Beverage Industry includes our 2017 Bottler of the Year cover story as well as articles about new product development, packaging, health and wellness products and more. Check it out today!