Private-Label Food and Beverage Market in US 2019-2023 | Premiumization of Private-Label Food and Beverage Products to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 24, 2019--
A new market research study by Technavio on the private-label food and beverage market in the US projects the market to grow at a CAGR of close to 3% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers, and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the private-label food and beverage market in US from 2019-2023. (Graphic: Business Wire)
Premiumization of private-label food and beverage products
The demand and acceptance for private label brands is comparatively low in the US when compared to European countries. Therefore, to increase acceptance among consumers, various private-label brand vendors in the US are focusing on the premiumization of these products. For instance, Whole Foods Market in the US offers premium seafood products under its premium private-label category, Whole Catch. Similarly, other significant vendors offer their premium food products under the organic category. Also, to attract consumers of varying income levels, many grocery retailers have extended their range of private-label products from economical products to luxury goods. Thus, the premiumization strategy by private-label vendors will encourage more consumers to purchase private-label food and beverage products during the forecast period.
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Expansion of private-label brands into specialty products
Owing to the increased competition from national brands, private-label vendors are now venturing across to a multitude of higher-value, specialty categories, including almond milk, nut butter, and better-for-you categories. The demand for specialty private-label offerings among consumers has been increasing in recent years in the US. Hence, to capitalize on this opportunity, private-label vendors are offering specialty products that are well positioned to attract new consumers and gain market share. These products are rolled out with improved quality and greater alignment with consumers’ values. Therefore, such product extensions will increase the shelf space of private-label brands in the specialty category as well.
According to a senior analyst at Technavio, “ Along with the expansion of private-label brands into specialty products, many vendors are also expected to offer their private-label brands through online channels to extend their product reach all over the US. Thus, time-pressed urban consumers are expected to readily purchase private-label food and beverage products via e-commerce platforms, thereby driving market growth.”
Intense competition between private-label and national brands
The private-label food and beverage market in the US is highly competitive due to the presence of various private-label and global vendors. The national brands also have a stronger customer base with higher brand reputation compared with private-label vendors. Thus, intense competition between private-label vendors and national brands might slow down the growth of the market in the US. However, with private-label brand vendors in the US, focusing more on the premiumization of these products, the market is expected to witness a positive outlook during the forecast period.
Top players in the private-label food and beverage market in US:
Some of the key topics covered in the private-label food and beverage market in US include:
Five Forces Analysis
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CONTACT: Technavio Research
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ONLINE RETAIL RETAIL COMMUNICATIONS MARKETING FOOD/BEVERAGE
SOURCE: Technavio Research
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