Retailers, consumers and prices
Check Out Line: Stores launch more of their own food
Check out the rise in private label foods.
Mintel has tracked nearly 1,800 new U.S. private label foods popping up in stores so far this year. Those items account for 27 percent of all the food products that have been launched this year. Private label foods comprised only 13 percent of new food product launches back in 2005.
Today’s private label products are not like the nondescript items in white boxes we remember from years ago. Shelves at Wal-Mart, Kroger, Safeway, Supervalu and other chains are packed with more upscale foods and meals packed in convenient on-the-go sizes.
“Private label manufacturers realize ‘value’ means more than ‘low price’ to consumers, so they’re wisely creating new products that deliver on some of today’s most exciting food trends,” said Krista Faron, senior analyst at Mintel.
The U.S. market for private label food soared 9.3 percent in 2008, compared with 4.5 percent growth in branded food sales. Mintel expects private label to see an 8.1 percent rise this year.
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