Global research company Technavio recently unveiled a report indicating that the private-label food and beverage market is poised to grow by $20.4 billion during 2019-2023, progressing at a compounded annual growth rate of three percent during this period. Factors driving this growth include:
- The premiumization of private-label food and beverage products. This includes vendors like Whole Foods providing premium seafood products under its Whole Catch label.
- The expansion of private-label brands into specialty products.
- Various grocery retailers are targeting consumers of varying income levels by providing economical products along with luxury goods.