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Soup is poised for a rebound, but which product formats and characteristics will drive private label growth?
According to the September 2013 “Frozen Food Market” report from Transparency Market Research, the global frozen food market is projected to reach $293.75 billion by 2019, up from $224.74 billion in 2012.
This survey investigating attitudes to private label was sent to members of Consumer Science’s online U.S. panel with responses collected during December 2013.
The PLBuyer Index for the 4 weeks ending December 1, 2013 hit 103.9, up from 102.2. Private label share of revenue was up slightly, to 17.4 percent. Revenue was up 1.8 percent for national brands, but was up 2.3 percent for private label.
Private label nutritional snacks/trail mixes was up 16 percent to $425 million with a 32 percent share, according to SymphonyIRI Group data for the latest 52 weeks ending December 1, 2013.
Both ready-to-brew and ready-to-drink (RTD) beverages are popular among consumers.
The prepared foods segment promises great things for retail in the coming years.
"In the private label world, dairy has always been the leader,” said Alan Hiebert, senior education coordinator for the International Dairy-Deli-Bakery Association (IDDBA).
PLMA’s 2014 Private Label Trade Show has come and gone, effectively energizing this industry through myriad conversations centered on strategies for the future, sampling and discussion of the scores of interesting new products profiled on the expo floor, and the insight conveyed by educational sessions and other speakers.
Once you move beyond the biggest revenue-driving beverage categories for private label—milk and water—a diverse playing field of opportunity opens itself to new degrees of innovation.
No brand is immune to crisis.
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