1. Owned Brands (Private Label)

FMI Expands On Power of Private Brands Report

FMI-The Food Industry Association is out with its second installment of the 2022 Power of Private Brands report, which “surveys food retailers and manufacturers about their private brands growth strategies.”  Among the findings:

•  “Retailers report having strong goals over the next two years for their private brand portfolio, with a current average dollar share of 18.2% and an ambitious goal of 22.6% in the next two years.”

•  “Eighty-one percent of food retailers and manufacturers surveyed report innovation as the top strategy for achieving higher private brands market share. Specifically, industry respondents see potential for private brands premium products (69%), product options with simple ingredient lists (60%), products offering strong price/value in a category (56%), and prepared meal solutions (42%).”

•  “Food retailers and manufacturers surveyed report a wide range of strategies to accelerate private brands growth. The majority (71%) plan on working with suppliers to optimize price and availability, which aligns with consumers mostly choosing private brands because of lower costs, deals or perception of good value. Other top acceleration strategies mentioned include improving consumer insights and trends intelligence (64%), launching new products (64%) and improving packaging (58%).”

•  “Food retailers and manufacturers surveyed report a wide range of strategies to accelerate private brands growth. The majority (71%) plan on working with suppliers to optimize price and availability, which aligns with consumers mostly choosing private brands because of lower costs, deals or perception of good value. Other top acceleration strategies mentioned include improving consumer insights and trends intelligence (64%), launching new products (64%) and improving packaging (58%).”

The post FMI Expands On Power of Private Brands Report appeared first on MNB.

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