Fort Collins, Colorado, Nov. 03, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Private Label Market size was valued at USD 742.1 Billion in 2022 and is expected to grow CAGR at 10.8% and reach USD 2,049.7 Billion by 2032.
Retailers have an advantage over established brands because they are directly in touch with customers and can quickly change their products based on customer needs and market trends. They also have control over production and can easily adjust outcomes. Retailers can also provide customization to buyers.
Private-label products are gaining popularity due to their cost-saving benefits. They offer fresh products at lower prices than recognized brands, making them attractive to customers. Private label manufacturers are similar to well-known brands, ensuring good quality products people trust. As a result, private-label products are becoming increasingly popular among consumers.
The private label market is expanding and is projected to grow as consumers seek out unique fashion and home décor items. These brands often offer sustainable goods, attracting environmentally conscious buyers and driving new customer growth. Additionally, consumers are willing to pay a premium for the designs these private-label sellers offer.
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Segmentation Overview:
The global private label market has been segmented into private label type, industry type, and region. Premium store brands are popular in the private label market due to the advantages of having a branded store, which helps create a brand identity and attract customers. Although online shopping has increased since the pandemic, many people prefer visiting stores. Clothing and accessories have a significant share in this segment due to the growing fashion trends and awareness about personal grooming. Private labels provide unique choices to customers, leading to opportunities for growth.
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Private Label Market Report Highlights:
- The global private label market growth is anticipated at a CAGR of 10.8% by 2032.
- Private-label brands are popular due to their affordable prices and unique offerings. These brands are in direct contact with customers, enabling them to easily predict needs and innovate products to capture market share.
- Europe holds a significant share of the private label market, which has seen a rise during the pandemic due to the disruption of the supply chain and the emergence of new local brands.
- Some prominent players in the private label market report include Apple, Inditex (Zara), Nike, Silver State Baking Company, Costco, Mana Products, Max Private Label, Gertex, Zudio, Nykaa, and others.
Industry Trends and Insights:
- A NY-based beauty product developer has formed a Scientific Advisory Board to speed up innovation. Christos Kyrou, Senior VP of R&D, will lead the board's efforts to create unique products in skincare, color cosmetics, and hybrid categories.
- The Nike Swoosh 1 is designed to help toddlers take their first steps.
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Private Label Market Segmentation:
- By Type: Generics, Copycats, Premium Store Brands and Value Innovators
- By Industry: Food and Beverages, Clothing and Accessories, Beauty and Personal care Products, and Home Goods and Furnishing
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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